The Australian share market has closed the session higher today with gains in the financial sector following the Commonwealth Banks strong first quarter results and on merger activity after AXA Asia Pacific rejected a takeover offer. Also according to Reuters G20 leaders have agreed to keep stimulus in place.
The S&P/ASX 200 Index closed 81 points higher at 4,675 while on the futures market, the SPI200’s up 83.
To company news around this afternoon: James Hardie Industries NV (ASX:JHX) has reconfirmed its commitment to the Asbestos Injuries Compensation Fund following an announcement from the Australian Government regarding a loan to be used for the fund. James Hardie says the Australian Government will provide a loan of up to $160 million to the NSW Government that will go towards a loan facility of up to $320 million to be made available by the NSW Government to the Asbestos Injuries Compensation Fund to meet a short term funding shortfall. James Hardie says the provision of the loan facility to the fund does not reduce the company’s obligations under the Amended and Restated Final Funding Agreement. James Hardie shares closed 3.2 per cent higher at $7.41.
Gold miner St Barbara Ltd (ASX:SBM) is mulling the possibility of developing a new underground mining operation at the Tarmoola project in Western Australia as a result of strong gold prices. The company says mining studies have revealed the potential at current gold prices for economic underground mining of higher grade lodes at the project. St Barbara says it will look to start mining at Tarmoola in the second half of calendar year 2010 pending further studies. St Barbara shares closed 7.35 per cent stronger at $0.365.
Also making news: Iron ore explorer BC Iron Ltd (ASX:BCI) has placed its shares into a trading halt as the company prepares to announce financing and off-take deals.
Sandfire Resources NL (ASX:SFR) has reported that the conductor 4 target at its 100 per cent owned Doolgunna Copper-Gold Project in Western Australia is emerging as a substantial new high-grade copper-gold discovery.
AXA Asia Pacific Holdings Ltd (ASX:AXA) has rejected an unsolicited and conditional scheme proposal from AMP Ltd (ASX:AMP).
And the Commonwealth Bank of Australia (ASX:CBA) has reported unaudited cash earnings for the September quarter of $1.4 billion supported by good income growth and cost management.
In the best and worst performers: All sectors closed in the black today, however the sector with the biggest gain was the Consumer Discretionary index, which closed 39 points higher at 1,602 while the sector with the smallest gain was the Health Care index; which gained 66 points at 8,369.
The best performing stock in the S&P/ ASX200 was AXA Asia Pacific Holdings shares skyrocketing 32.56 per cent to $5.70. Shares in Sundance Resources and Virgin Blue shares also gained.
The worst performing stock was Babcock & Brown Infrastructure Group with shares falling 5.41 per cent to $0.035. Shares in ResMed and ING Office Fund also closed lower today.
In commodities, gold is trading at $1104.60 U.S an ounce and light crude is up 96 cents at $78.39 U.S a barrel.
