The local share market has closed the session mildly stronger after treading water for much of the day, shares kept afloat by a record rise in job advertisements and a lift in business confidence.
The S&P/ASX 200 Index finished 12 points higher at 4,820 while on the futures market, the SPI200’s up 17.
In economic news: Job ads jumped in February to their highest monthly increase in 11 years, according to ANZ Bank’s monthly survey. The number of jobs advertised rose by 19.1% to 159,778 last month, more than reversing an 8.1% fall in January.
And NAB’s Business Confidence Index rose 4 points to plus 19 points in February. Business conditions increased 5 points to plus 8 points, reflecting a 5-point rise in both trading conditions and profitability. Sentiment was strongest in the mining, retail and transport sectors.
To company news around this afternoon: Shares in Noble Mineral Resources Ltd (ASX:NMG) have surged following the explorer’s announcement of a 22% increase in the resource estimate at its Bibiani gold mine in West Africa. Shares in the company entered a trading halt on Friday pending the announcement. The project is estimated at 32.98 million tonnes at an average grade of 1.87 grams per tonne. Managing Director Wayne Norris says the upgraded resource will provide a strong foundation for the planned re-establishment of a profitable mining and processing facility at Bibiani. Mr Norris says there is also potential for additional economic gold occurrences in the area. Shares in Noble Mineral Resources closed 21% higher at $0.35.
Copper and gold miner Oz Minerals Ltd (ASX:OZL) has made its foray into the Latin American market by signing a deal with junior explorer Azure Minerals Ltd (ASX:AZS). Under the joint venture agreement, Oz Minerals can earn a 70% stake in Azure’s San Eduardo project in Sonora, Mexico, by spending $14 million on exploration. Oz Minerals will spend $3.3 million over the next three years to earn a 51% interest in the project, and can earn an additional 19% stake by spending a further $11 million. Azure says the joint venture will enable the companies to target major copper deposits, as well as lead and zinc. Executive Chairman Tony Rovira says the deal signals a strong vote of confidence in the company’s ongoing program of regional exploration. Fieldwork on the San Eduardo project is due to start soon. Shares in Oz Minerals closed 0.02% lower at $1.15.
Also making news: Atlas Iron Ltd (ASX:AGO) has posted a rise in first half revenue and narrowed its loss as it continues to develop its second mine in the Pilbara. The iron ore group booked a loss of $24.4 million for the half-year – down from $42.2 million in the same period a year before. Shares in the company have been in a trading halt since Monday pending an announcement.
And ANZ Bank Ltd (ASX:ANZ) has settled a legal dispute with former employee Steve Targett, who sued the bank for $57 million after being passed over as CEO. The bank says no payments will be made to Mr Targett as a result of the agreement to end legal proceedings.
Centrebet International Ltd (ASX:CIL) is in talks with a number of parties interested in taking over the online gambling company. Centrebet has previously expressed interest in consolidation opportunities, either as a target or buyer, but says all proposals will be considered carefully based on their value to shareholders.
And surfwear retailer Billabong Ltd (ASX:BBG) says it is the subject of a $53 million civil compensation claim by its former Indonesian licensee. CV Bali Balance has lodged a claim with the Denpasar District Court requesting the compensation plus US$100 million in damages arising out of Billabong’s termination of its license agreement.
In the best and worst performers: The best performing sector at close was the Industrials index, up 36 points at 4,001. The worst performing sector was the Materials index; falling 70 points at 12,612.
The best performing stock in the S&P/ ASX200 was Sundance Resources, shares gaining 7.14% to $0.15. Shares in Virgin Blue and Pacific Brands also closed higher today.
The worst performing stock was Isoft Group, shares dropped 5.66% to $0.50. Energy World Corp and Intoll shares also closed lower today.
In commodities, gold is trading at $1,121.80 U.S an ounce, and light crude is down 41 cents at $81.46 U.S a barrel.
