The local share market has closed the session higher today following the release of a stronger than expected jobs report that showed an unexpected fall in the unemployment rate to 5.2% in May. Strong output and trade data out of China also helped to lift investor sentiment today.
The S&P/ASX 200 Index finished the day 50 points higher at 4,435. While on the futures market, the SPI200’s up 39 points.
To company news around this afternoon: Energy retailer Australian Power & Gas Ltd (ASX:APK) has announced its entry into the Queensland market after signing a wholesale electricity supply agreement. The company says it has signed a three year agreement with a major generator in the QLD market starting from January 2011. The energy retailer also says it has extended a $50 million receivables financing facility with Fortress Investments by 18 months and plans to raise $18.75 million via a convertible note facility to support the company’s growth plans. Australian Power & Gas says these new developments will allow the company to increase its growth of customers from the current forecast of 300,000 customer accounts to 450,000 by June 2014. Shares in Australian Power & Gas closed 24.64% higher at $0.43.
Whitehaven Coal Ltd (ASX:WHC) has denied speculation of a potential capital raising, saying that it currently has no plans to raise new equity. The company says it is more than adequately funded following the sale of its Narrabri joint venture proceeds which is expected to yield around $200 million for the company. Whitehaven Coal also says it also expects its underlying net profit after tax for fiscal 2010 to be in the range of $50 million to $55 million, subject to achieving planned rail and shipping performance in June. Shares in Whitehaven Coal closed 1.94% lower at $4.56.
Also making news: Leighton Holdings Ltd (ASX:LEI) has been awarded a $170 million three year contract extension at a manganese project in Western Australia by Consolidated Minerals.
Developer of technical solutions Orbital Corporation Ltd (ASX:OEC) has decided not to proceed with its proposed capital raising or the acquisition the raising was to fund, citing volatile conditions on global equity markets as the reason.
Challenger Diversified Property Group (ASX:CDI) says it expects to pay shareholders an interim dividend of 2.15 cents a share for the six months to June 30, 2010. Challenger also says independent and internal valuations of its entire property portfolio are expected to show a rise of 2%, with strong increases in properties with long leases in place.
And iron ore company Brockman Resources Ltd (ASX:BRM) has appointed former Rio Tinto Ltd (ASX:RIO) managing director Barry Cusack as non-executive chairman.
In the best and worst performers: Majority of sectors closed in the black today with the best performing sector at close the Energy index, up 290 points at 14,708. The only sector to close in the red today was the Health Care index, down 48 points at 8,387.
The best performing stock in the S&P/ ASX200 was Kingsgate Consolidated, shares rose 9.9% to $9.55 after the gold miner was granted some tax concessions from the Thai Government for its Chatree gold mine in Thailand. Shares in Cudeco and Ausenco also closed higher.
The worst performing stock was Sundance Resources, shares fell 7.69% to close at $0.12. Shares in James Hardie Industries SE and Eldorado Gold also closed weaker today.
In commodities, gold is trading at $1,228.35 U.S an ounce, and light crude is up $0.31 at $74.69 U.S a barrel.
