The local share market closed slightly higher this afternoon, helped by gains in resource stocks like Rio Tinto and BHP, clocking its first weekly gain in five weeks.
The S&P/ASX 200 Index finished 8 points higher at 4,562 and is up 48 points on the week while on the futures market, the SPI200’s up 12.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 132 points on the four trading days this week. The S&P500 Index rose 12, the NASDAQ gained 36 points and the 100 index jumped 30 points.
To company news around this afternoon: Telecom Corporation of New Zealand Ltd (ASX:TEL) has posted a second-quarter profit of $62.65 million, compared with the $10.97 million the company recorded a year earlier. However, adjusted revenue for the half-year fell by 6.5% on the equivalent half in the 2009 financial year, to $2.67 billion, and adjusted operating expenses plummeted to $1.79 billion – down 8.9% from the previous year. CEO Paul Reynolds says the company maintains its prediction for full-year earnings before interest, tax, depreciation and amortisation to be in the range of -1% and 2% growth. Shares in Telecom of New Zealand Ltd closed 0.83% lower at $1.80.
Avoca Resources Ltd (ASX:AVO) has won the battle for Dioro Exploration NL, with Ramelius Resources Ltd (ASX:RMS) today accepting the company’s offer for its interest in the West Australian gold miner. The gold producer says its decision to accept Avoca’s 37.5% stake was based on avoiding the risks associated with having a minority holding in the miner and not receiving cash flows from Dioro’s assets. Upon settlement of the deal, Ramelius will hold about $46 million in cash and 11.16 million Avoca shares. Ramelius says it will use the cash from the sale of its stake in Dioro to pursue new expansion opportunities. Shares in Ramelius Resources Ltd closed 2.44% lower at $0.60.
Also making news: Hospital operator Healthscope Ltd (ASX:HSP) has asked for its shares to be suspended from trading, announcing it is in late-stage talks regarding a potential material acquisition.
And power generation company Energy Developments Ltd (ASX:ENE) has reported a 54% spike in first-half profit before specific items to $15.3 million.
In the best and worst performers: The best performing sector at close was the Staples index, up 100 points at 7,281. At the other end, the worst performing sector at close was the Telco index; which fell 32 points at 1,070.
The best performing stock in the S&P/ ASX200 was Atlas Iron Ltd, shares gained 8.85% to $2.09. Shares in Emeco Holdings and Australian Agricultural Company also improved.
The worst performing stock was Gunns Ltd, shares fell 6.06% to $0.93. Macquarie Office Trust and Isoft Group shares also closed lower today.
The Aussie dollar is currently buying 88.99 U.S cents and is up 2.25 cents on the week.
In commodities, gold is trading at $1,090.90 U.S an ounce, and is up $25.95 on the week.
Finally, oil is down 39 cents at $74.89 U.S a barrel.
