The Australian share market has closed higher this afternoon, boosted by gains in resources and materials stocks and strong economic data.
The S&P/ASX 200 Index finished 34 points higher at 4,736 while on the futures market, the SPI200 is up 47 points.
To company news around this afternoon: Strike action has stopped almost all operations at Platinum Australia Ltd’s (ASX:PLA) Smokey Hills mine in South Africa. The majority of employees of the mining contractor, Redpath Mining Ltd, have refused to go underground since dayshift on Monday. The employees have been asked to return to work or face dismissal for taking industrial action. Scheduled maintenance work in the plant has been brought forward to help minimize the impact of the stoppage. The company says it is not sure how long the strike will impact operations at Smokey Hills, but expects normal operations to recommence by the end of this week or early next week. Shares in Platinum Australia lost 5% to $0.95.
Japanese transport company Mitsui O.S.K. Lines (MOL) has signed deals with the Papua New Guinea liquefied natural gas (LNG) joint venture for the construction and charter of LNG vessels. Joint venture partner Oil Search Ltd (ASX:OSH) says one of the agreements involves the long-term charter of Mitsui’s two existing LNG carriers. Shares in Oil Search closed 2.05% lower at $5.25.
Also making news: National Australia Bank Ltd (ASX:NAB) has joined the other major banks in raising its standard variable mortgage rate by 0.25% to match the RBA’s increase.
Gold miner Avoca Resources Ltd (ASX:AVO) has announced it will compulsorily acquire the remainder of shares in Dioro Exploration after its takeover offer closed late yesterday.
Global miner Rio Tinto Ltd (ASX:RIO) has been awarded a mining permit to mine nickel at its planned $2.2 billion project on Sulawesi, Indonesia.
And Macquarie Group (ASX:MQG) is planning to float oil and gas services company Miclyn Express Offshore.
In the best and worst performers: The best performing sector at close was the Materials index, up 211 points at 12,238. While the worst performing sector was the Real Estate Investment Trust index; which fell 8 points to 876.
The best performing stock in the S&P/ ASX200 was St Barbara. Shares gained 8.89% to $0.245. Panoramic Resources and Gindalbie Metals also improved.
The worst performing stock was Spark Infrastructure Group. Shares fell 7.53% to $1.29. Shares in Platinum Australia and Roc Oil Company also closed lower today.
In commodities, gold is trading at $1,135.30 U.S an ounce and light crude is up 10 cents at $79.78 U.S a barrel.