The Australian share market has closed the session higher, as investors hunted for bargains among those stocks battered by four days of losses.
Stocks also lifted after US President Barack Obama’s State of the Union speech in which he took a more moderate tone towards bank regulation.
The S&P/ASX 200 Index finished 29 points higher at 4,673 while on the futures market, the SPI200’s up 55 points.
To company news around this afternoon: Oil and gas producer Oil Search Ltd (ASX:OSH) says total oil and gas production for the fourth quarter of 2009 came to 2.2 million barrels of oil equivalent, up 6% from the third quarter. This took total production for 2009 to 8.1 million barrels of oil equivalent, within the company’s forecast range. However Oil Search says it expects production in 2010 to be 10% lower than in 2009 reflecting the natural decline combined with a revised approach to oil field management following the decision to proceed with the PNG LNG project. Sales revenue for the year came to US$475.8 million, 38% lower than in 2008 reflecting a 6% drop in production and 35% decrease in the average realised oil price. Shares in Oil Search closed 1.11% lower at $5.36.
Zinc and lead miner Perilya Ltd (ASX:PEM) says it experienced another very strong cashflow accretive quarter in the three months to December and combined with its recent rights issue, is in a good position to pursue growth opportunities. At the end of December the company had $116.7 million in cash, up from $46.4 million at the end of September following a one for three rights issue which raised around $55.2 million. Perilya says combined total metal production for the December quarter came to 35,400 tonnes of contained zinc and lead, 18% higher than market guidance. Perilya shares closed 1.57% weaker at $0.625.
Also making news this afternoon: OM Holdings Ltd (ASX:OMH) has reported quarterly production of 184,242 tonnes of manganese in the December quarter, its second highest quarterly tonnage on record.
ROC Oil Company Ltd (ASX:ROC) has reported a 19% fall in production to 7,634 barrels of oil a day in the December quarter compared to the previous quarter. Despite the lower production, quarterly sales revenue remained steady at US$51.1 million for the fourth quarter, coming in at $204.4 million for the year.
The Commonwealth Bank of Australia Ltd (ASX:CBA) says funds under administration rose 1.5% in the December quarter to $193 billion. Funds under management for the three months to December 31, 2009 rose 1% to $149 billion.
And Online travel agent Webjet Ltd (ASX:WEB) has reported a 40% jump in profit for the half year with total transaction volumes up 37%.
In the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index up 24 points at 882. The worst performing was the Consumer Staples index, which fell 107 points to 7,266.
The best performing stock in the S&P/ ASX200 was Macquarie Atlas, which gained 26.12% to 84.5 cents the company is a result of the demerger of Macquarie Infrastructure Group on Monday into Intoll International and Macquarie Atlas. Shares in Charter Hall Group and Goodman Group also closed higher today.
The worst performing stock was Billabong International, falling 3.49% to $10.80. Shares in Dominion Mining and Avoca Resources also closed lower today.
In commodities, gold is trading at US$1,091.45 an ounce and light crude is up 31 cents at $73.98 U.S a barrel.
