Australian shares have closed the session higher today following a positive lead from Wall St overnight, with gains in the banks like Westpac and ANZ helping to lift the market.
The S&P/ASX 200 Index finished 35 points higher at 4,739 while on the futures market, the SPI200’s up 52.
To company news around this afternoon: Grain marketer AWB Ltd (ASX:AWB) has told shareholders at its annual general meeting that the company is forecasting a full year 2010 profit before tax and significant items for its continuing business of between $115 million and $140 million. Chairman Peter Polson who describes the company’s fiscal 09 loss of $250 million as disappointing says now that the company has a healthy balance sheet it is in a position to look at sound commercial opportunities to grow the company. Mr Polson says with Australia’s proximity to Asia and rapidly growing Asian demand, there is an increasing range of attractive opportunities for the business. AWB shares closed 1.85 per cent higher at $1.10.
Fertiliser and industrial chemicals maker Incitec Pivot Ltd (ASX:IPL) says its results for the first quarter so far show that the businesses are performing as expected. Managing Director James Fazzino told shareholders that the company made progress across a range of areas, ensuring that it came out of the financial and market storms of 2009 better placed to weather challenges of 2010. Chairman John Watson says based on the company’s performance in the past year, he believes the company can look to the future with confidence. Shares in Incitec Pivot closed 2.3 per cent lower at $3.40.
Also making news: Surf, skate and snow apparel retailer Billabong International Ltd (ASX:BBG) has entered into a conditional agreement to acquire a minority interest in online boardsports retailer Surfstitch with the option to acquire 100% of the business. Billabong says the price is not material and is subject to a confidentiality agreement.
Karoon Gas Australia Ltd (ASX:KAR) shares rallied today in response to news that a well in its joint venture with ConocoPhillips has struck hydrocarbons.
Macarthur Coal (ASX:MCC) has made an all share bid for smaller rival Gloucester Coal (ASX:GCL) which values Gloucester Coal at $591.3 million. The deal would create Australia's biggest independent coal miner.
And BHP Billiton (ASX:BHP) has sold its 40% stake in an undeveloped nickel mining and processing project in the southern Philippines.
In the best and worst performers: All sectors finished in the black today however, the best performing sector today was the Consumer Staples index, which was up 126 points to 7,606. The sector with the smallest gain at close was the Industrials index; which gained 2.5 points to 3,918.
The best performing stock in the S&P/ ASX200 was Karoon Gas Australia and shares gained 11.24% to $9.50. Shares in GrainCorp and Macarthur Coal also rose today.
The worst performing stock was Macquarie CountryWide shares lost 4.88% to $0.585. Duet Group and MAp Group shares also closed lower today.
In commodities, gold is trading at $1,085.05 U.S an ounce and light crude is down 4 cents at $74.36 U.S a barrel.
