The local share market has closed the session at a two month high, powered by a strong resources sector and healthy gains in retailers and media stocks.
The S&P/ASX 200 Index finished 17 points higher at 4,892, its strongest finish since January 18, while on the futures market, the SPI200 is up 9 points.
To company news around this afternoon: Explosives, paint and chemicals supplier Orica Ltd (ASX:ORI) will foot a $63 million clean-up bill for the disposal of waste from its contaminated industrial site at Botany in NSW. The company says it will cost $45 million to remove mercury from the site and it will have to pay an additional $18 million relating to the disposal of other pollutants. Both of the pre-tax amounts will be noted against the company’s half-year financial results for the six months to March 31, 2010. Meanwhile, the company has confirmed it will appeal a Federal Court decision ordering it to pay another $126 million to the Tax Office after losing its battle over a capital gains tax bill arising from the sale of its pharmaceuticals business in 1998. Shares in Orica are 0.72% lower at $26.21.
Sedgman Ltd (ASX:SDM) has secured a $48 million construction contract for upgrading Xstrata Coal’s processing plant near Johannesburg in South Africa. The resource sector services company says the new contract follows on from the $75 million design and supply contract it announced in November, taking the total value of work awarded to the company on the project to $123 million. The upgrade is part of Xstrata Coal’s $US407 million ATCOM East Project. Sedgman Managing Director Mark Read says the new contract is an opportunity to drive the future growth of the business in a new market. Xstrata Coal hopes to complete the project by the end of this year. Shares in Sedgman are up 3.92% at $1.59.
Also making news: Former Macquarie Group Ltd (ASX:MQG) trader Oswyn de Silva has been sentenced to nine months’ jail for illegally trying to flee the country when ASIC wanted to question him. De Silva pleaded guilty to being in contempt of court.
Australia's sovereign wealth fund, the Future Fund, has terminated talks with two Canadian pension funds for a $6.8 billion takeover bid for Transurban Group Ltd (ASX:TCL). The toll-road owner rejected a $5.25 per share offer from Canada Pension Plan and Ontario Teachers in November. Rio Tinto Ltd (ASX:RIO) has warned that its proposed US$116 billion iron ore joint venture with BHP Billiton Ltd (ASX:BHP) may be delayed until late this year.
And Transfield Services Ltd (ASX:TSE) has secured a $27.7 million contract with the North Carolina Transport Department, boosting its presence in the US.
In the best and worst performers: The best performing sector at close was the Healthcare index, up 124 points at 9,004. The worst performing sector was the Telco Services index; down 12 points to 1,051.
The best performing stock in the S&P/ ASX200 was Western Areas, shares rose 4.44% to $5.18. Shares in Southern Cross and Roc Oil Group also closed higher today.
The worst performing stock was Energy World Corp, shares are down 8% to $0.345, while shares in St Barbara and GWA International also closed lower today.
In commodities, gold is trading at $1,101.80 U.S an ounce and light crude is down $0.70 to $81.21 U.S a barrel.
