The local share market has closed slightly higher today, lifted by gains in the miners on stronger base metal prices. Gold miners like Lihir Gold and Newcrest Mining advanced today, rising on the back of a strengthening price for the precious metal.
The S&P/ASX 200 Index finished 15 points higher at 4,750 while on the futures market, the SPI200's down 3 points.
To company news around this afternoon: There are reports that China’s Bright Food Group may be preparing to sweeten its bid for the sugar unit of sugar and building products maker CSR Ltd (ASX:CSR). CSR rejected Bright Food Group’s previous offer of US$1.4 billion in January as being too low instead deciding to proceed with the demerger of its sugar and building products business. According to Reuters China Daily reports that the company plans to raise its offer and that it is likely a deal could be finalised this year. Representatives of the Chinese company will head to Australia later this month to meet with CSR. Shares in CSR rose on the news closing 3.07% higher at $1.68 today.
ANZ Banking Group Ltd (ASX:ANZ) says it plans to open a branch in Mumbai, India after receiving an in-principle approval for a foreign bank licence from the Reserve Bank of India. The bank says re-establishing a branch presence in India is a strategic priority for the company as part of its objective to become a super regional bank focused on Australia, New Zealand and the Asia Pacific. ANZ CEO Asia Pacific, Europe and America Alex Thursby says India has become a global centre of excellence in technology and operations and ANZ’s Bangalore campus which was established in 1989 now employs almost 4,500 people supporting its business in Australia, New Zealand and Asia. The bank says it intends to open its first branch in Mumbai under its foreign bank licence in the next 12 months. Shares in ANZ closed 0.88% weaker at $23.67.
Also making news: In an update to the market this afternoon coal miner Linc Energy Ltd (ASX:LNC) says the sale of its Emerald, Pentland and Galilee coal tenements is progressing, albeit more slowly than hoped. The company says it has received a written offer for all three coal assets and while negotiations with this party are at a very advanced stage it is still continuing to explore all potential avenues until a sale is made.
Aquila Resources Ltd (ASX:AQA) has launched legal proceedings against Brazil’s Vale seeking damages after the Brazilian miner issued it with a default notice on the joint venture partners $1 billion Eagle Downs coking coal project.
National Australia Bank (ASX:NAB) and superannuation fund Industry Funds Management are reportedly working on a proposal to allow super funds to fund infrastructure projects.
And regional lender Bendigo and Adelaide Bank Ltd (ASX:BEN) has followed the major banks and decided to pass on the full RBA rate rise to its customers.From March 9 the banks residential variable home loan rate will rise to 6.95% a year.
In the best and worst performers: The best performing sector at close today was the Real Estate Investment Trust index, up 11 points at 887. The worst performing sector at close was the Utilities index which closed 61 points lower at 4,287.
The best performing stock in the S&P/ASX200 was Carnarvon Petroleum, shares gained 7.53% to $0.50. Shares in Carsales.com and Panoramic Resources also improved.
The worst performing stock was Spotless Group, shares down 4.84% at $2.95. Lend Lease and Perpetual shares also closed lower today.
In commodities, gold is trading at $1,136.58 U.S an ounce and light crude is down 29 cents at $80.58 U.S a barrel.
