The local share market has managed to close the week on a high note, the index rising to its biggest weekly advance since Christmas, the market today driven up by gains in the miners like giant’s BHP and Rio Tinto and financials stocks.
The S&P/ASX 200 Index finished 17 points higher at 4,767 and is up 129 points on the week while on the futures market, the SPI200’s up 27.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index fell 119 points on the four trading days this week. The S&P500 Index dropped 18, the NASDAQ declined 54 points and the 100 index slipped 41 points.
To company news around this afternoon: Gold miner OceanaGold Corporation (ASX:OGC) has closed the offering of subscription receipts in connection with its previously announced equity raising. The company says it has raised approximately C$63.89 million through the issue of about 31.16 million subscription receipts at a price of C$2.05. OceanaGold says each subscription receipt will entitle the holder to receive one common share of the company upon satisfaction of certain release conditions. The gold miner says it intends to use the proceeds to fund the restructure of its existing gold hedge facilities and other working capital requirements. Shares in OceanaGold closed 1.59% higher at $2.56.
Regional television owner Prime Media Group Ltd (ASX:PRT) has announced the resignation of CEO Warwick Syphers, effective March 31. Mr Syphers is leaving the company to take up an appointment in the UK. To ensure a smooth transition, the company says Mr Syphers will remain available to Prime until later in the June quarter following which he will take up an appointment with Adstream Holdings which is majority owned by Paul Ramsay Holdings. The search is now on for a new CEO. Shares in Prime Media Group closed 1.33% lower at $0.74.
Also making news: Australia-based litigation funder IMF Australia Ltd (ASX:IMF) has agreed to provide funding of US$5 million to Uniloc, USA to be used to enforce Uniloc’s patent of a software activation product in the US.
And rare earths explorer Lynas Corporation Ltd (ASX:LYC) has awarded a subsidiary of construction and engineering company Forge Group Ltd (ASX:FGE) a $36.2 million contract to complete engineering, design and construction of the Mount Weld Concentration Plant.
In the best and worst performers: The best performing sector at close was the Health Care index, up 138 points at 8,753. At the other end, the worst performing sector at close was the Telco Services index; which fell 4 points at 1,002.
The best performing stock in the S&P/ ASX200 was Gunns, shares gained 11.61% to $0.625. Shares in Eastern Star Gas and Cudeco also closed higher today.
The worst performing stock was Primary Health Care, shares dropped 4.46% to $4.07. Charter Hall Group and Virgin Blue shares also closed lower today.
The Aussie dollar is currently buying 90.11 U.S cents and is up just under a cent on the week.
In commodities, gold is trading at $1,134.70 U.S an ounce, and is up $18.60 on the week.
Finally, oil is up 54 cents at $80.75 U.S a barrel.
