The local share market has closed a holiday shortened week on a positive note with gains in some financials driving the market higher thanks to a better than expected profit from investment bank Macquarie Bank.
However fears over a possible new resource tax to be announced this weekend pressured mining stocks and weighed on the market.
The S&P/ASX 200 Index finished 22 points higher at 4,807, down 74 points on the week, while on the futures market, the SPI200’s up 15.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index closed 33 points higher for the four trading days this week. The S&P500 Index fell 2, the NASDAQ dropped 7 and the 100 index lost 11 points.
To company news around this afternoon: Oil and gas producer Origin Energy Ltd (ASX:ORG) says production and sales revenue increased in the March quarter. For the three months to March 31, 2010, the company says production rose 9% to 24 petajoules, and sales revenue increased 19% to $142.2 million compared to the March quarter of 2009. The rise attributable its Kupe project in New Zealand, increased interest in the Otway Gas project offshore Victoria, and continuing growth in production from the coal seam gas fields and higher liquid prices. Origin says the Australia Pacific LNG project also continued to achieve its milestones. Origin Energy shares closed 1.8% stronger at $16.38.
Fellow oil and gas explorer Australian Worldwide Exploration Ltd (ASX:AWE), also released March quarter production results today. The company says oil and gas revenue for the three months to March 31 fell 3% to $78 million due to lower production, offset by a small increase in oil sales. Oil and gas production of 1.12 million barrels of oil equivalent was a 23% drop from the previous quarter primarily due to the maintenance shutdown at BassGas. Managing director Bruce Wood says the company has maintained its strong financial base, its base projects are performing well, and ongoing exploration is on target and has the potential to yield large rewards for shareholders, and says 2010 is an exciting year for AWE. Shares in AWE closed 2.07% higher at $2.47.
Also making news: Woodside Petroleum Ltd (ASX:WPL) CEO Don Voelte has told journalists at the company’s annual general meeting that the James Price Point gas processing plant in the Kimberley is highly likely to go-ahead. Mr Voelte also told shareholders that all the company’s LNG projects and developments are moving in fast forward.
And Noble Group says it has no interest whatsoever in talking to Macarthur Coal Ltd (ASX:MCC) about potential merger transactions related to any of its coal assets.
In the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 17 points at 900. The worst performing sector was the Health Care index; down 43 points to 8,414.
In the S&P/ ASX200 Paladin Energy was the best performing, shares rose 8.7% to $4. Meanwhile shares in ResMed and Independence Group also closed stronger today.
The worst performing stock was Biota Holdings, shares continued to be battered by yesterday’s news that the company expected a 70% fall in royalties from its flu drug Relenza in the March quarter, shares fell 8.47% to $1.35. Shares in Mirabela Nickel and Platinum Australia also closed weaker today.
And finally, the Aussie dollar is trading at 93.12 US cents - and is up just over a cent on the week. In commodities, gold is trading at $1,173.20 U.S an ounce and is up $33 on the week, and light crude is $0.37 higher at $85.54 U.S cents a barrel.
