The local share market closed higher today, gains on Wall St and a rally in local financial stocks lifting the market. Gains in conglomerate Wesfarmers also helped to support the market after its Coles supermarket chain reported a solid performance in the first quarter.
The S&P/ASX 200 Index closed 47 points higher at 4,859 and is up 23 points on week. On the futures, the SPI200’s up 34 points.
To company news around this afternoon: Energy company Nexus Energy Ltd (ASX:NXS) has announced that it has begun producing gas from the Longtom gas project in the Gippsland Basin offshore Victoria. Nexus says it is currently undertaking commissioning of the production and processing system in conjunction with Santos. Managing director Ian Tchacos says Nexus has faced significant challenges in transitioning the company from explorer to producer and can now look forward to long-term production and cash flow from its Longtom asset providing a solid foundation from which to achieve further growth. Nexus Energy shares closed flat today at $0.375.
Coal producer Gloucester Coal Ltd (ASX:GCL) says total sales volumes rose 8 per cent to 470,000 tonnes in the third quarter, compared to the same period last year. The company says the result reflects the recovery of coking coal markets including Japan with the company’s Japanese steel mill customers increasing their off take of coking coal. Gloucester says it remains committed to the Japanese market for coking coal sales and is actively seeking other opportunities as the company increases the volume of coking coal production. Sales of thermal coal rose 12 per cent compared to the same period the year before. Gloucester Coal shares closed 0.32 per cent higher at $6.32.
Also making news today: Transport company Toll Holdings Ltd (ASX:TOL) has acquired one of New Zealand’s largest freight forwarding companies, Express Logistics Group for $50 million.
And Eastern Star Gas Ltd (ASX:ESG) plans to raise $40 million through a share purchase plan, giving eligible shareholders the chance to apply for shares up to $15,000.
Now to the best and worst performers: The best performing sector at close today was the Consumer Staples index, up 173 points to 7,682; while the worst performing sector at close was the Energy index; down 157 points to 16,590.
The best performing stock in the S&P/ASX200 was Elders shares climbed 7.89 per cent to $0.205. Shares in Wesfarmers and Molopo Australia also closed higher.
The worst performing stock was Macquarie Infrastructure Group with shares down 7.14 per cent at $1.43 following reports that Ontario Teachers’ Pension Plan has sold a stake in the company for around $342 million. Shares in SMS Management & Technology and Aristocrat Leisure also closed lower today.
The Aussie dollar is currently buying 92.76 U.S cents and is down half cent on the week. Gold is trading at $1062.35 U.S an ounce and is up $14.85 on the week.
Finally, oil is up 34 cents at $81.53 U.S a barrel.
