The Australian share market has closed marginally higher today, losing most of its early gains on reports that some Chinese banks have been ordered to curb lending and deterring local investors.
The S&P/ASX 200 Index finished 7 points higher at 4,868 while on the futures market, the SPI200’s down 6.
In economic news The Westpac/Melbourne Institute index of consumer sentiment rose 5.6% in January to a read of 120.1.
To company news around this afternoon: Mount Gibson Iron Limited (ASX:MGX) has announced record iron ore sales and production for the December quarter. The result had a big impact on the company’s bottom line, with an unaudited post-tax profit for the six months to 31 December 2009 of $39.3 million, 34% higher than the previous half year and 195% higher than the corresponding period last year. The junior iron ore producer saw sales of iron ore jump 80% from the December 2008 quarter, while half-year sales soared 41%. Shares in Mount Gibson Iron closed 2.33% higher at $1.76.
And Lithium-Potash producer Orocobre Limited (ASX:ORE) has reached an agreement with a Toyota subsidiary to develop a Project in Argentina. Toyota Tsusho will invest $4.5 million to complete the feasibility study and other pre-development work, expected to be completed by the third quarter of 2010. It will acquire a 25% interest in the project, and will be responsible for securing a Japanese Government guaranteed low-cost debt facility for at least 60% of the Project’s development costs. Orocobre shares closed 32.14% higher at $1.85.
Also making news: Arrow Energy Limited (ASX:AOE) says sales revenue for the December quarter was up 54% on the September quarter and up 131% on a year earlier. The company says the increase was mainly driven by increased electricity sales following the commissioning of the Braemar 2 Power Station, which is being supplied with gas from higher production in the Daandine and Stratheden fields.
And Cockatoo Ridge Wines Limited (ASX:CKR) has announced that after third quarter trading conditions, the Company and its subsidiaries are likely to become insolvent and have called in voluntary administrators.
Taking a look at some of the stories covered in our earlier reports: Mining giant BHP Billiton Ltd (ASX:BHP) has reported a jump in December quarterly production volumes with records achieved for the half year.
And Airport owner MAp Group Ltd (ASX:MAP) says passenger numbers at Sydney Airport rose 8% to 1.98 million in December 2009 compared to December of 2008.
In the best and worst performers: The best performing sector today was the Industrials index, which was up 43 points to 4043. The worst performing by percentage points was the Energy index; which lost 88 points to 15,704.
The best performing stock in the S&P/ ASX200 was Map Group. Shares gained 6.53% to $3.10. Shares in Virgin Blue and Flight Centre also improved.
The worst performing stock was Minara Resources. Shares lost 5.49% to $0.775. Pan Australia and Carsales.com shares also closed lower today.
In commodities, gold is trading at US$1,134.70 an ounce and light crude is down 71 cents at $78.31 U.S a barrel.
