The Australian share market has ended the day higher, however not high enough to keep the benchmark index from closing out its third weekly loss in four weeks.
Resource stocks were among the best performers today after economic data from China boosted the outlook for local resource companies.
The S&P/ASX 200 Index finished 29 points higher at 4,635 and is down 67 points on the week while on the futures market, the SPI200’s up 45.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index rose 17 points on the four trading days so far this week. The S&P500 Index lost 4, the NASDAQ fell 3 points and the 100 index declined 7 points.
To company news around this afternoon: Mining giant Rio Tinto Ltd (ASX:RIO) has appointed a new chief negotiator for its iron ore division in Asia. According to the Australian Associated Press, Will Malaney is to step down from his role as chief negotiator and become president of Rio Tinto Iron Ore Asia. AAP reports that executive Danny Goeman is to relocate to Singapore to take on the role as lead iron ore price negotiator for Rio’s Asian iron ore division. The move comes five months after Rio employee Stern Hu was arrested in China on suspicion of stealing state secrets. Rio Tinto shares closed 0.54 per cent higher at $70.18.
Provider of lifting services and crane hire Boom Logistics Ltd (ASX:BOL) says it has entered into a contract with the TDK joint venture to supply cranes and associated resources and services for the Barrow Island Construction Village for the Gorgon project. Boom says the contract is worth over $4 million over 15 months with a 12 month option to extend. The company says it expects the cranes and resources to start work on the island in the first half of 2010. Boom Logistics shares closed 3.9 per cent stronger at 40 cents.
Also making news: Fortescue Metals Group Ltd (ASX:FMG) has more than doubled its estimate of the iron ore resource at its Firetail prospect in Western Australia, to 300 million tonnes from 125 million tones previously.
And shares in Karoon Gas Australia Ltd (ASX:KAR) rose today on news that its Browse Basin joint venture with ConocoPhillips may have struck a significant gas find at its Poseidon - 2 appraisal well.
In the best and worst performers: The best performing sector at close was the Consumer Discretionary, which was up 21 points to 1,583. At the other end the Telco Services index closed flat at 1,179.
The best performing stock in the S&P/ ASX200 was Murchison Metals and shares gained 8.35% to $2.14. Shares in Mincor Resources and Karoon Gas Australia also improved.
The worst performing stock was Astro Japan Property Trust and shares lost 4.71% to $0.405. Paladin Energy and GUD Holdings shares also closed lower today.
The Aussie dollar is currently buying 91.61 U.S cents and is flat on the week. Gold is trading at $1,136.55 U.S an ounce and is down $24.65 on the week.
Finally, oil is up $0.40 at $70.94 U.S a barrel.
