The Australian share market has closed a thinly traded session higher today with the major banks and miners helping to lift the market. The Benchmark S&P/ASX 200 index closing 31 per cent up for 2009, the largest rise, reports Reuters, since 1993.
Looking to the US, and according to CNN Money, as of Tuesday’s close the Dow has risen 20% this year, the S&P 500 has advanced close to 25% and the Nasdaq up 45%.
The S&P/ASX 200 Index finished 37 points higher at 4,871 and is down 80 points on the short trading week while on the futures market, the SPI200’s up 50.
To company news around this afternoon: Pancontinental Oil & Gas NL (ASX:PCL) has announced the completion of the data acquisition phase of the Mbawa 3D Seismic Survey in licence area L8 offshore Kenya. Pancontinental has a 25% free carried interest in the Mbawa survey over the giant Mbawa Prospect. The company says Mbawa has the potential for P10 recoverable reserves of 3.6 billion barrels of oil. Shares in Pancontinental Oil & Gas closed 5.56 per cent higher at 3.8 cents.
Home loan financing business Firstfolio Ltd (ASX:FFF) says it has completed a rights issue, raising just over $12 million. The company says it has repaid its $5 million debt to Welas and redeemed the 25,000 redeemable preference shares held by Welas. The company says it has also repaid and cancelled convertible notes to the value of $2.3 million. Firstfolio says the balance of funds raised through the rights issue if $1.59 million and will be used as working capital. Shares in Firstfolio closed 7.14 per cent lower at 5.2 cents.
Reuters reports that global miner Rio Tinto Ltd (ASX:RIO) mined over 50 million tonnes of iron ore from its Yandicoogina mine this year in the Pilbara of Western Australia.
And Dexus Property Group (ASX:DXS) has sold its 50% interest in the Westfield Whitford City shopping centre for $256.6 million to an affiliate of GIC Real Estate.
In 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, which was up 12 points to 897. At the other end the sector with the smallest gain at close today was the Utilities index closed up 19 at 4,328.
The best performing stock in the S&P/ ASX200 was Aquila Resources shares gained 6.01% to $11.11. Shares in Goodman Group and Whitehaven Coal also closed higher today.
The worst performing stock was Hastings Diversified Utilities Fund shares lost 2.65% to $1.10. Independence Group and Southern Cross shares also closed lower today.
The Aussie dollar is currently buying 89.68 U.S cents and is up almost a cent and a half on the week. Gold is trading at $1,098.30 U.S an ounce and is up $1.10 on the week.
Finally, oil is up $0.26 at $79.54 U.S a barrel.
