The Aussie market closed the session marginally higher today thanks to gains in energy stocks leading the market up on a rise in oil prices and interest in coal seam gas.
Arrow Energy gaining after agreeing to take over ownership of all LNG produced from the proposed Gladstone LNG plant.
The S&P/ASX 200 Index finished 6 points higher at 4,876 while on the futures market, the SPI200’s down 3.
In economic news, the Australian Performance of Manufacturing Index fell 2.8 points in December to a read of 48.5, taking the index below the 50 mark separating expansion from contraction.
To company news around this afternoon: Resources developer IMX Resources Ltd (ASX:IXR) has signed a $47 million funding agreement for Cairn Hill development and placement. The company has signed a heads of agreement with Taifeng Yuanchuang International Development, the Hong Kong subsidiary of the privately owned Sichuan Taifeng Group. The Hong Kong based company is to invest $23 million to become a 50% equity partner in the development of Cairn Hill and subscribe a minimum $24 million to become a 19.9% shareholder in IMX at 48.4 cents a share. IMX shares closed 7.06 per cent higher at $0.455.
Regional lender Bank of Queensland Ltd (ASX:BOQ) is reeling from a technical glitch that occurred on New Year’s Day where the bank’s EFTPOS system showed the date as 2016 which consequently made BOQ customer cards appear invalid or expired. The glitch caused havoc over the holiday weekend the cause of which is being investigated. Bank of Queensland has over 250 branches in Australia with around 2,500 ATM’s nationwide. Shares in Bank of Queensland closed 1.56 per cent stronger at $11.69.
Also making news: Window covering company Kresta Holdings Ltd (ASX:KRS) has acquired the Ace of Shades business, supplier of external blinds and awnings based in Victoria, for $1 million plus stock and equipment.
Victoria Petroleum NL (ASX:VPE), operator of the Airacobra 1 exploration well says good to fair gas and oil shows have been observed in Permian Epsilon sands over the interval 2,010 to 2016 metres, the full significance of which will be evaluated by wire line logs to run after the well has drilled to total depth of 2,340 metres.
There are reports that National Australia Bank Ltd (ASX:NAB) is preparing to launch a takeover bid for UK lender Northern Rock.
And oil company Woodside Petroleum Ltd (ASX:WPL) says an agreement with PetroChina Company for the potential sale of 2 to 3 million tonnes a year of LNG from the Browse LNG Development expired on December 31.
In the best and worst performers: The best performing sector today was the Energy index, which was up 120 points to 16,239. The worst performing by percentage points was the Real Estate Investment Trust index; which lost 6 points to 892.
The best performing stock in the S&P/ ASX200 was Eastern Star Gas shares gained 13.33% to $0.935. Shares in Murchison Metals and Hastings Diversified Utilities Fund also improved.
The worst performing stock was PaperlinX shares lost 3.91% to $0.615. Austar and Harvey Norman shares also closed lower today.
In commodities, gold is trading at $1,102.60 U.S an ounce and light crude is up 63 cents at $79.99 U.S a barrel.
