Some much-needed confidence returned to the local share market today, with Aussie shares recovering some of yesterday’s losses to close higher thanks to a late rally on Wall Street.
Mining stocks led the gains, with Rio Tinto and Fortescue Metals both stand-out performers. The S&P/ASX 200 Index finished the day 42 points higher at 4,307. While on the futures market, the SPI200’s up 26.
To company news around this afternoon: Westfield Group Ltd (ASX:WDC) chief Frank Lowy has been named the richest person in Australia in 2010 by BRW. The shopping centre magnate, who is valued at just over $5 billion, has topped the list of Australia’s richest 200 people after making the list for 27 years and coming in second place last year. The resources and property sectors were among the most profitable industries, with miners on the list having a combined wealth of about $7.9 billion more than a year ago. Iron ore magnate Gina Rinehart claimed the No.2 spot with her $4.75 billion fortune, while Fortescue Metals’ chief Andrew Forrest was ranked fourth with $4.24 billion. Shares in Westfield Group closed 0.58% lower at $12.03.
The board of Ammtec Ltd (ASX:AEC) has announced that it intends to reject a proposed takeover offer from analytical testing services provider Campbell Brothers Ltd (ASX:CPB). The company says it believes Campbell Brothers’ offer of $3.35 per Ammtec share is too low and fails to reflect its true value, particularly in light of the earnings growth expected in fiscal 2011 and beyond. Ammtec has forecast an increase in profit for fiscal 2011 of between $11.1 and $12.9 million. The company has advised shareholders not to take any action in relation to the offer. Ammtec shares closed flat at $3.22.
Also making news: Tabcorp Holdings Ltd (ASX:TAH) has responded to an ASX price query, saying it is aware of a news report speculating that private equity firm TPG Inc has teamed up with Crown to make a takeover offer for the gambling services provider. Tabcorp says it is not aware of any such proposal, however.
Mineral Resources Ltd (ASX:MIN) has increased its interest in takeover target Mesa Minerals Ltd to 39% from 34% after declaring its bid unconditional.
Brewer Foster’s Group Ltd (ASX:FGL) says it has decided to pursue a demerger of its wine and beer assets, spinning them off into a new ASX listed company.
And takeover target Macarthur Coal Ltd (ASX:MCC) is among a consortium of 13 miners that have made a $4.85 billion offer for QR Central Queensland coal track network, owned by the state government.
In the best and worst performers: The best performing sector at close was the Materials index, up 309 points at 11,198. The worst performing sector was the Health Care index; losing 79 points to close at 7,868.
The best performing stock in the S&P/ ASX200 was OM Holdings, shares rose 11.62% to $1.825, while shares in Fortescue Metals and Carsales.com also closed higher.
The worst performing stock in the S&P/ASX200 today was Paperlinx, shares fell 8.15% to $0.62. Shares in Spotless Group and Australian Agricultural Company also closed weaker today.
In commodities, gold is trading at $1,206.45 U.S an ounce, and light crude is up $0.72 to $69.47 U.S a barrel.
