The local share market has closed the session almost 1% higher, powered by the major resource stocks after BHP Billiton secured a coking coal contract and a takeover bid for Arrow Energy.
The S&P/ASX 200 Index finished 41 points higher at 4,808 while on the futures market, the SPI200’s up 26.
To company news around this afternoon: Bow Energy Ltd (ASX:BOW) says it has lifted its coal seam gas (CSG) reserves in Queensland by 60%. CEO of Commercial John De Stefani says the latest reserves from the company’s Comet and Blackwater CSG fields west of Gladstone provides Bow with over 2 trillion cubic feet of reserves in the permit. The company says the increase in its reserves puts it on track to hit a 2,750 petajoule target for 2010. This supports its plan to supply gas to the domestic market and proposed LNG plants in Gladstone. Shares in Bow Energy closed 27.55% higher at $1.25.
Online gambling company Centrebet International Ltd (ASX:CIL) is allowing Australian punters to bet on the S&P/ASX 200 index from today. Centrebet’s Neil Evans has told AAP that he hopes the new punt will be the next best thing in financial betting, allowing punters to gamble on how the local share market index will finish each month. It follows the company’s introduction of betting on the RBA’s monthly interest rate moves two years ago. Mr Evans says that since then, almost $1 million has been gambled on the central bank’s rate decision through Centrebet. Last month, Centrebet booked an 18.6% rise in first half profit to $6.26 million. Shares in Centrebet closed 10.14% higher at $1.63.
Also making news: Brisbane-based airline Virgin Blue Ltd (ASX:VBA) says it will operate daily flights from Sydney to Uluru from August. Currently, only Qantas Airways Ltd flies to the Northern Territory tourist destination.
And nickel miner Western Areas Ltd (ASX:WSA) and gold producer Troy Resources (ASX:TRY) are ramping up drilling at their Sandstone joint venture in Western Australia after making a potential nickel sulphide discovery.
BHP Billiton Ltd (ASX:BHP) has struck a deal with JFE Steel Corporation of Japan to supply coking coal at a price 55% higher than the current rate.
And shares in Arrow Energy Ltd (ASX:AOE) have surged to a record high after receiving a $3.26 billion takeover offer from a company jointly owned by Royal Dutch Shell and PetroChina.
In the best and worst performers: The best performing sector at close was the Energy index, up a huge 555 points at 15,423. The only sector to close in the red was the Consumer Staples index; falling 17 points at 7,856.
The best performing stock in the S&P/ ASX200 was Arrow Energy, shares jumping 46.84% to $5.11. Shares in Eastern Star Gas and Gindalbie Metals also closed higher today.
The worst performing stock was Emeco Holdings, shares dropped 2.99% to $0.65. Isoft Group and OM Holdings shares also closed lower today.
In commodities, gold is trading at $1,135.62 U.S an ounce, and light crude is up 45 cents at $81.95 U.S a barrel.
