The Australian share market closed the session slightly higher today, gains in financial stocks like major banks Westpac and ANZ helped to support the market and counter losses in resource stocks on a fall in oil and metals prices.
However investors were cautious ahead of a key US jobs report to be released later today.
The S&P/ASX 200 Index finished 13 points higher at 4,912 and is up 41 points on the week while on the futures market, the SPI200’s up 11.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index rose 179 points on the four trading days this week. The S&P500 Index added 27, the NASDAQ gained 31 points and the 100 index advanced 16 points.
Looking at economic news: The Australian Industry Group/Housing Industry Association Performance of Construction Index increased 1.7 points in December to a read of 49.3. The result is just under the 50 mark separating expansion from contraction.
To company news around this afternoon: Gold miner Newcrest Mining Ltd (ASX:NCM) has been given the green light by the NSW Government for its proposed $2 billion Cadia East project near Orange. Newcrest General Manager Cadia Valley Operations, Tony McPaul says the planning approval is a critical step in the project which is now expected to be considered by the Newcrest board around the end of the first quarter in 2010 after remaining regulatory approvals have been finalised. Mr McPaul says if approved by the board, the Cadia East project will be the largest underground mine in Australia and will secure the company’s future in the region for at least the next 20 years. Shares in Newcrest Mining closed 2.56 per cent lower at $36.20.
Perseus Mining Ltd (ASX:PRU) has reportedly received a number of takeover approaches from North American companies as the company gets set to develop what is to be one of West Africa’s largest gold deposits and also list in Canada. Reuters reports Managing Director Mark Calderwood saying that while it was not chasing anyone it has certainly being chased with some company making several approaches. Earlier this week Perseus announced that it had been granted mining leases by the Government of Ghana for its Ashanti gold project for 15 years. Perseus Mining shares closed 3.02 per cent higher at $2.05.
Also making news: Monitor Energy Ltd (ASX:MHL) has confirmed two live oil zones in it's Airacobra-1 well in the company’s Epsilon and Patchawarra Formations. Testing at Airacobra-1 is to follow testing Fury-1 which will commence later this month.
Cauldron Energy Limited (ASX:CXU), Australian uranium and development company has received $2 million of the second $7 million tranche from strategic Chinese investors. The Final instalment of $5 million which is due to be paid by the end of January 2010. Cauldron Chairman Mr Tony Stage says the company is now well funded and is advanced in the execution of its aggressive exploration campaign on its uranium assets in Australia and Argentina.
Taking a look now at some of the big stories this week: Top airline Qantas Airways Ltd (ASX:QAN) low cost offshoot Jetstar has formed a new alliance with AirAsia.
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.
And Shopping centre owner Centro Properties Group (ASX:CNP) has appointed Robert Tsenin as CEO and managing director.
In the best and worst performers: The best performing sector at close was the Telco Services index, which was up 21 points to 1,161. At the other end the Materials index closed 84 points lower at 13,104.
The best performing stock in the S&P/ ASX200 was Linc Energy and shares gained 5.79% to $1.735. Shares in Billabong International and Eastern Star Gas also improved.
The worst performing stock was Biota Holdings and shares lost 5.29% to $2.15. Independence Group and Transpacific Industries Group shares also closed lower today.
The Aussie dollar is currently buying 91.54 U.S cents and is up just under 2 cents on the week. Gold is trading at $1,125.50 U.S an ounce and is up $29.80 on the week.
Finally, oil is down $0.29 at $82.37 U.S a barrel.
