Australian stocks advanced today, boosted by property, financial, energy and material stocks. Gold miners came off as the price of gold retreated from recent levels.
The S&P/ASX 200 Index closed 49 points higher at 4,571 while on the futures market, the SPI200’s up 39.
The economic news of the day was: The ABS saying that Australia’s unemployment rate remained flat at 5.8 per cent in August. It was a good result although there were more job losses than expected.
To company news around this afternoon: Woolworths (ASX:WOW) said today that Chief Executive Michael Luscombe sold 150,000 shares, worth about $4 million. Woolworths also today appointed executives to lead its joint venture with US based Lowe’s. The former President of Lowe's Canada, has been appointed chief executive officer of the joint venture and Woolworths executive Melinda Smith will be chief operating officer. Woolworths shares closed 0.25% higher at $28.37.
Online car advertisement company carsales.com (ASX:CRZ) debuted on the stock market today and shares closed higher than their $3.50 listing price. It was the first major float in Australia since the downturn began and more than sixteen million shares were traded. They closed at today’s high of $3.99.
Also making news today: Uranium miner Paladin Energy (ASX:PDN) shares lost ground as it raised about $419 million by selling new shares at a 6.1 percent discount to its last traded price.
The Federal Court of Australia has approved the takeover of ABB Grain (ASX:ABB) by Canadian agribusiness Viterra.
Taking a look at some of the stories covered in our earlier reports: Macquarie Group (ASX:MQG) says most of its major businesses improved in the fist quarter compared to the fourth quarter of fiscal 2009.
Ansell (ASX:ANN) said its CEO Doug Tough has resigned.
Now to the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 23 points to 892; all the sectors closed in positive territory but the worst performing was the Consumer Staples index; up 13 points to 7,243.
The best performing stock in the S&P/ ASX200 was Babcock & Brown Infrastructure and shares jumped 17.39 per cent to 5.4 cents. ING Industrial Fund shares and Virgin Blue also gained.
The worst performing stock was Sigma Pharmaceuticals and shares fell 8.23 per cent to $1.07. Shares in St Barbara and Elders also declined.
In commodities, gold is trading at $996.80 U.S an ounce and since this morning light crude is up $1.01 cents at $72.32 U.S a barrel.
