The local share market closed higher this afternoon, fuelled by strong gains in the major banks and miner Rio Tinto, ahead of its earnings results.
Better than expected jobs data, a key indicator of economic recovery, also gave the market a boost.
January unemployment figures released today were surprisingly strong, despite economists predicting a poor result, sparking talks the RBA may raise interest rates in coming months.
The S&P/ASX 200 Index finished 41 points higher at 4,554 while on the futures market, the SPI200 is up 42 points.
To company news around this afternoon: Arrow Energy Ltd (ASX:AOE) says it will acquire the entire Fisherman’s Landing project from joint venture partner Liquefied Natural Gas Ltd for an upfront price of $51 million. The company will make further payments to LNG Ltd when certain milestones are reached, including $24 million once a final investment decision is made and another $24 million when the plant reaches one million tonnes of LNG production per year. The initial purchase price includes options to acquire 12.5 million Arrow shares at an exercise price of $3.50 a share. Arrow Energy CEO Nick Davies says initial site works have already started and project design and planning are underway. Shares in Arrow Energy Ltd closed 4.12% higher at $3.54.
Information services provider SAI Global Ltd (ASX:SAI) has posted a record first-half profit of $13.7 million - up 33.2% on its last half-year result. Revenue jumped 35.9% to $19.4 million, buoyed by strong input from the company’s property services business. CEO Tony Scotton says he expects revenue growth to continue in the second half, despite the negative impact of the stronger Aussie dollar. The company has declared a final dividend of 5.8 cents a share. Shares in SAI Global Ltd closed 0.27% lower at $3.74.
Also making news: Fortescue Metals Group (ASX:FMG) has announced the retirement of executive director, Graeme Rowley. Mr Rowley was one of the company’s founding directors and its longest serving executive. He will step down from the role on March 2.
And mineral resource company CBH Resources Ltd (ASX:CBH) has reported a first-half profit of $3.5 million after posting a loss of $37 million for the same period a year ago.
Telstra Corporation Ltd (ASX:TLS) has posted a 3.3% slip in first-half profit to $1.85 billion, but expects a stronger second half as economic conditions improve.
And building materials producer James Hardie Industries Ltd (ASX:JHX) has reported a 66% jump in profit for the three months to December 31, despite the downturn in the US housing market.
In the best and worst performers: The best performing sector at close was the Energy index, up 354 points at 14,510. At the other end, the worst performing sector at close was the Telco index; which fell 52 points at 1,101.
The best performing stock in the S&P/ ASX200 was Cudeco Ltd, shares gained 15.25% to $4.08. Shares in Karoon Gas Australia and Mt Gibson Iron also improved.
The worst performing stock was Telstra Corporation Ltd, shares fell 5.01% to $3.22. Hills Industries and Crown shares also closed lower today.
In commodities, gold is trading at $1,080.50 U.S an ounce and light crude is up 36 cents at $74.88 U.S a barrel.
