The Australian share market has closed the session higher today boosted by gains in the miners like top miner BHP on higher metals prices and retailers like Woolworths on optimism about global growth. The gold miners like Newcrest Mining and Lihir Gold also had a good day after gold hit a fresh high.
The S&P/ASX 200 Index closed 49 points higher at 4,755 while on the futures market, the SPI200’s up 45.
To company news around this afternoon: Australia’s second largest steel maker OneSteel Ltd (ASX:OST) says it has seen a small but steady increase in demand across most products and plans to ramp up production in the second half of the year. CEO Geoff Plummer says the company continues to be encouraged by the prospect of improvements in activity through the government stimulus initiatives, saying that the company expects to benefit from the Building Education Revolution stimulus from early 2010 and the larger infrastructure stimulus projects from the second half of 2010. Output for the second half is expected to increase around 100,000 tonnes from the first half, subject to continued market improvement and the timing of benefits from government stimulus packages. Shares in OneSteel closed 1.62 per cent stronger at $3.14.
Oil and gas producer Stuart Petroleum Ltd (ASX:STU) has forecast a 20% increase in oil output by 2011 from its flagship Cooper Basin production centre. The company says it expects to produce in excess of 300,000 barrels of oil in the 2011 financial year compared to 250,000 barrels of oil in the current financial year. The ramp up in production will be driven be new exploration in the Cooper Basin and a new development well at the Worrior oil field which is a major contributor to Stuart’s oil production profile. Shares in Stuart Petroleum closed 6 per cent higher at $0.53.
Also making news: Building products and electronics retailer Hills Industries Ltd (ASX:HIL) has increased its stake in Fielders Australia from 60% to 74.9% following a rights issue and conversion of debt to equity. Fielders manufactures a range of roll formed products including roofing and cladding, fencing and rainwater goods.
Shareholders have approved Babcock & Brown Infrastructure Group's (ASX:BBI) $1.7 billion recapitalization proposal backed by Canada’s Brookfield group. As part of the plan Brookfield will pay $713 million for a 35 - 40% stake in the company.
AMP (ASX:AMP) has announced a joint venture with China Life Insurance Group to co-operate in areas including asset management and pensions.
And fertiliser and explosives manufacturer Incitec Pivot Ltd (ASX:IPL) reported a $179.9 million loss for the 12 months to September 30, but says the company has come out of the year a fitter business.
In the best and worst performers: The best performing sector at close today was the Materials index, which closed 360 points higher at 12, 096 while the worst performing sector at close was the Financials Excluding Real Estate Investment Trust index; which lost 38 points to close at 5,525.
The best performing stock in the S&P/ ASX200 was Boart Longyear shares rose 9.68 per cent to $0.34. Shares in St Barbara and Minara Resources shares also gained.
The worst performing stock was AJ Lucas Group with shares falling 5.22 per cent to $4.72. Shares in OM Holdings and PaperlinX also closed lower today.
In commodities, gold is trading at $1130.15 U.S an ounce and light crude is up 92 cents at $77.27 U.S a barrel.
