The local share market has continued its upward climb to close the session higher, finishing a strong day of trading that was dominated by gains in the top financial and mining stocks.
The S&P/ASX 200 Index finished 45 points higher at 4,875, while on the futures market, the SPI200 is up 43 points.
To company news around this afternoon: Hazelwood Resources Ltd (ASX:HAZ) has acquired a 60% stake in a ferrotungsten processing project in Vietnam, which it will fund through a capital raising. The company says it will pay $825,000 for the interest in the Hong Kong based Asia Tungsten Products Company Ltd, which has a permit to build the processing plant. Under the joint venture agreement, Hazelwood will fund 60% of the capital expenditure for the plant, as well as working capital. Total capital costs for stage one of the project are estimated at around $US16.3 million. The company says a capital raising program will be used to fund its commitments. At full capacity, the new facility is capable of providing 25% of the world’s ferrotungsten. Shares in Hazelwood Resources are up 2.27% at $0.225.
Cape Lambert Resources Ltd (ASX:CFE) has made an all-cash takeover offer for DMC Mining Ltd (ASX:DMM), valuing the explorer at around $34 million. The company currently holds a 36.2% interest in DMC Mining, but is offering 40 cents per share for the remaining shares. Cape Lambert says the offer price is a premium of 24% to the one-month volume weighted average of DMC’s share price before announcing the bid. DMC shares last traded flat at 30 cents. Chairman Tony Sage says the company has a proven track record of acquiring early stage assets and applying the technical and financial resources to maximise value in a short timeframe. Shares in Cape Lambert Resources are steady at $0.46.
Also making news: Continuing its recruitment drive, Macquarie Group Ltd (ASX:MQG) has hired Leong Yung Chee from rival Credit Suisse to lead a key division of Macquarie Capital Advisers in Singapore.
Shares in biotechnology company Chemgenex Pharmaceuticals Ltd (ASX:CXS) took a dive today after it announced the US Food and Drug Administration has refused to approve its cancer drug, Omapro. Overnight, the FDA voted in favour of further testing of the drug, delaying its release to the market.
Westpac Banking Corporation Ltd (ASX:WBC) is under fire after informing credit card customers it will apply interest to their interest charges and fees. CEO Gail Kelly argues the company is under financial pressure to raise interest rates.
And internet provider TPG Telecom Ltd (ASX:TPM) has reported an increase in first half profit of over 400% to $27.5 million, driven by broadband subscriber growth.
In the best and worst performers: The best performing sector at close was the Financials excluding Real Estate Investment Trust index, up 100 points at 5,751. The worst performing sector was the Telco Services index; falling 13 points to 1,063.
The best performing stock in the S&P/ ASX200 was Isoft Group, shares rose 5.94% to $0.535. Shares in Emeco Holdings and Ausenco also closed higher today.
The worst performing stock was Elders, shares are down 7.09% to $1.375, while shares in Sundance Resources and Alesco Corporation also closed lower today.
In commodities, gold is trading at $1,106.35 U.S an ounce and light crude is down $0.16 to $81.44 U.S a barrel.
