The local share market has closed the week out on a high note, with gains in banks and miners on increasing optimism for the health of the economy.
The RBA today raised its outlook for economic growth for next year and says it is likely that interest rates will continue to rise gradually over time.
Today the S&P/ASX 200 Index closed 86 points higher at 4,594 and is down 49 points on week. On the futures, the SPI200’s up 89 points.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index rose 293 points on the four trading days this week. The S&P500 Index gained 30, the NASDAQ added 60 points and the 100 index gained 54 points.
To company news around this afternoon: According to reports Wealth manager AMP Ltd (ASX:AMP) has acquired 50% of MacarthurCook Industrial Property Trust’s management companies. AMP has also reportedly acquired a 19.2 per cent stake in the actual trust itself. The investment is a strategic part of AMP’s growth strategy, with AMP Capital Investor Head Simon Vinson describing Asia as playing a key role in expanding AMP’s business. AMP shares closed 2.09 per cent higher at $5.87.
Linc Energy Ltd (ASX:LNC) has announced some positive results from its drilling program near the town of Orroroo in South Australia. The company, which is engaged in commercialising coal-to-liquids, says the results of its study indicate a significant coal mineralisation target in accordance with the JORC Code of 1 to 1.3 billion metric tonnes. Linc says the coal deposit is at an ideal depth for Underground Coal Gasification and the company intends to fast track the commissioning of a modest size Underground Coal Gasification commercial facility at the site. Linc Energy shares rallied 12.46 per cent to $1.58.
Also making news today: Renewable energy company Petratherm Ltd (ASX:PTR) and its joint venture partners Beach Petroleum Ltd (ASX:BPT) and TRUenergy Geothermal have been awarded a $62.8 million Renewable Energy Demonstration Program grant from the Federal Government for the joint ventures Paralana Geothermal Energy Project.
And litigation funder IMF Australia Ltd (ASX:IMF) says it expects fiscal 2010 net profit after tax of $20 million to $24 million also saying it expects the first half of fiscal 2010 to be better than the second half.
Now to the best and worst performers: All sectors closed in the black today, however the sector with the biggest gain at close was the Real Estate Investment Trust index, up 21 points to 859; while the sector with the smallest gain at close was the Health Care index; up 47 points to 8,302.
The best performing stock in the S&P/ASX200 was Murchison Metals shares climbed 14.13% to $1.58. Shares in Linc Energy and PanAust also closed higher.
The worst performing stock was GrainCorp, shares fell 3.1% to $6.57. Shares in Macquarie CountryWide and Goodman Fielder also closed lower today.
The Aussie dollar is currently buying 91.34 U.S cents and is up just over one cent on the week. Gold is trading at $1091.90 U.S an ounce and is up $46.60 on the week.
Finally, oil is up 46 cents at $80.08 U.S a barrel.
