Positive employment figures and news that Spain has joined the fight to tackle Europe’s debt issues drove the market higher today. All sectors managed to close in positive territory with energy stocks leading the way.
The S&P/ASX 200 Index finished the day 80 points higher at 4,653. While on the futures market, the SPI200’s up 89.
Re-capping economic news released today: Figures from the ABS today show that the unemployment rate remained steady at 5.4% in April after March was revised up from 5.3% to 5.4%. Total employment rose by 33,700 in the month, more than the expected.
To company news around this afternoon: Uranium producer Paladin Energy Ltd (ASX:PDN) has reported a loss of US$7 million for the March quarter, wider than its US$6.8 million loss recorded for the same period a year ago. The result was despite revenue jumping to US$53.3 million, almost double the US$25 million recorded for the March quarter of last year. Paladin says its exploration and evaluation costs rose in the quarter from US$1.8 million to US$3.2 million with corporate and other costs rising to US$10.4 million from US$6.4 million. For the three months to March 31, 2010 total production increased to over 1 million pounds for the first time. Shares in Paladin Energy closed 3.23% higher at $4.15.
Building products maker Boral Ltd (ASX:BLD) has appointed Murray Read as executive general manager of its Australian construction materials division. Mr Read has been with Boral for 25 years, previously with the company’s plasterboard division in Australia and Asia, and most recently as the QLD regional general manager for Australian construction materials. Mr Read replaces John Douglas who will leave in early July after almost 15 years with the company. Shares in Boral closed 1.04% stronger at $5.84.
Also making news: Aussie coal miner Whitehaven Coal Ltd (ASX:WHC) says coal seam has been reached at its new Narrabri underground coal mine in NSW.
West African focused mineral explorer Gryphon Minerals Ltd (ASX:GRY) says drilling of a new target at its Banfora Gold project has intersected a significant gold mineralization.
AMP Ltd (ASX:AMP) CEO Craig Dunn told shareholders at the company’s annual general meeting today that its merger proposal for AXA Asia Pacific Holdings (ASX:AXA) remains strategically attractive and would certainly accelerate the company’s growth strategy further.
And Singapore Telecommunications (ASX:SGT) subsidiary, Optus has reported a 16% jump in profit for the year and says the fourth quarter was its strongest in five years for new mobile customer additions.
In the best and worst performers: A positive day today saw all sector’s finish in the black, the top performing sector at close was the Energy index, up 364 points at 15,222. The sector with the smallest gain was the Consumer Staples index; up 55 points at 7,472.
The best performing stock in the S&P/ ASX200 was Virgin Blue Holdings, shares rose 7.69% to $0.56, while shares in Cudeco and FKP Property Group also closed higher.
The worst performing stock today was Intoll, shares dropped 3.49% to $1.105. Shares in Sigma Pharmaceuticals and Australand Property Group also closed weaker today.
In commodities, gold is trading at $1,237.05 U.S an ounce, and light crude is down $0.02 to $75.63 U.S a barrel.
