The local share market closed the week on a high note today. Positive economic data out of China boosting optimism for a recovery in the global economy with gains in energy and mining stocks leading the market higher.
The S&P/ASX 200 Index closed 25 points higher at 4,596 and is up 161 points on week. On the futures, the SPI200’s up 35.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 186 points on a shorter trading week this week. The S&P500 Index gained 28, the NASDAQ added 65 points and the 100 index up 48 points.
To company news around this afternoon: Diagnostics provider Primary Health Care Ltd (ASX:PRY) says it has signed a refinancing mandate letter and term sheet with National Australia Bank Ltd (ASX:NAB). The new facilities will be used to refinance the company’s existing bank debt which matures on February 13 2010. The refinancing provides an extended debt maturity profile for Primary and flexibility in funding requirements. The company says the new $1.2 billion facility includes a commitment of $500 million from NAB. Shares in Primary Health Care closed 1.11 per cent higher at $6.37.
Engineering and construction services company United Group Ltd (ASX:UGL) has secured a $165 million contract with BHP Billiton Ltd (ASX:BHP) Iron Ore at Port Hedland, Western Australia. The project involves the fabrication and on site installation of structural steel and mechanical equipment associated with transfer stations, conveyors and shuttles for BHP Billiton Iron Ore’s Rapid Growth Project 5. CEO Richard Leupen says this is an important win for the company and cements its position as one of the leading engineering and construction services firms in the resources sector. United Group shares closed 2.28 per cent stronger at $15.27.
Also making news today: In an update on the sale of a 50 per cent interest in its Longtom gas project to AED Oil Ltd (ASX:AED) Energy company Nexus Energy Ltd (ASX:NXS) says due to a delay to the completion of the Longtom gas project, certain conditions which needed to be satisfied by September 15 will not be satisfied and as a result the sale to AED cannot proceed. Nexus will refund the $35 million deposit to AED together with interest at 15 per cent per annum accruing from May 28 2009.
And iron ore miner Fortescue Metals Group Ltd (ASX:FMG) says it has settled a shipping dispute with the Angelicoussis Shipping Group for US$5.25 million.
Now to the best and worst performers: The best performing sector at close today was the Telco Services index, up 15 points to 1,154; while the worst performing sector at close was the Industrials index; down 9 points to 3,773.
The best performing stock in the S&P/ASX200 was Macquarie Office Trust shares rose 7.41 per cent to $0.29. Shares in St Barbara and Macquarie Media also closed higher.
The worst performing stock was Consolidated Media with shares fell 9.04 per cent to $3.02. After Kerry Stokes Seven Network signed an agreement not to buy any more shares in the media company for 12 months and also nominated two directors to the board, including Kerry’s son Ryan Stokes and Peter Gammell. Shares in Crown and Nufarm also closed lower today.
The Aussie dollar is currently buying 86.45 U.S cents and is up on the week. Gold is trading at $1002 U.S an ounce and is up $8.60 on the week.
Finally, oil is up 35 cents at $72.29 U.S a barrel.
