Australian shares gained today after U.S. markets rallied on better than expected results from JP Morgan Chase and Intel and as the Dow broke through the 10,000 level. Locally materials and industrials stocks gained, along with banks and stocks with U.S. exposure. Local gold miners were sold off as the gold price retreated overnight.
The S&P/ASX 200 Index closed 29 points higher at 4,860 while on the futures market, the SPI200’s up 30.
In economic news, the Melbourne Institute survey of consumer inflationary expectations came in unchanged in October at 3.5 per cent – the same result as August and September.
To company news around this afternoon: Suncorp-Metway (ASX:SUN) has sold its Hooker Corporation real estate business for $67 million in cash. The buyer is the grandson of the founder of the business, Sir Leslie Hooker who opened the business in 1928. Suncorp-Metway said that as well as the cash proceeds there would be another $15 million in proceeds from pre-completion dividends. Suncorp-Metway shares finished the session 0.65% lower at $9.15.
Shares in electronics retailer JB Hi-Fi (ASX:JBH) hit an all time high today as six analysts upgraded the stock. Credit Suisse said there were chances the company could exceed its 20 percent sales growth forecast for the 2010 financial year following the company’s confirmation yesterday that it expects to hit its growth forecast. JB Hi-Fi shares jumped 5.56% to $20.50 today.
Also making news: National Australia Bank (ASX:NAB) has announced that it will abolish monthly account service fees on some of its common banking accounts and will no longer charge a $25 over-limit fee on all credit cards. The changes will take effect on January 22.
BHP Billiton (ASX:BHP) says it will release details of the extent of the damage at its Olympic Dam mine on October 21. Analysts have estimated that the global copper market could lose up to 50,000 tonnes of supply this year after the rail network was derailed earlier this month.
Taking a look at some of the stories covered in our earlier reports: Bank of Queensland (ASX:BOQ) has reported a 2% increase in 2009 net profit compared to the year earlier and cash profit that jumped 21% said its overall asset quality is sound.
Commonwealth Bank (ASX:CBA) says it may have to pay NZ$285 million in taxes in New Zealand after a New Zealand High Court issued a decision on rival Westpac’s taxes.
In the best and worst performers: The best performing sector at close was the Materials index, up 122 points at 11,830 while the worst performing was the Telecommunications index; which lost 11 points at 1,087.
The best performing stock in the S&P/ ASX200 was Nexus Energy and shares jumped 9.09 per cent to $0.36. Shares in OM Holdings and Molopo Australia also gained.
The worst performing stock was Elders and shares declined 13.04% to $0.20. Shares in Energy World Corp and St Barbara also fell.
In commodities, gold is trading at $1064.90 U.S an ounce and since this morning light crude is up 73 cents at $75.91 U.S a barrel, boosting stocks in energy companies globally.
