The Australian share market has closed the session stronger after rising to its highest level in a month in early afternoon trade. The major miners led the gains on firmer commodity prices.
The S&P/ASX 200 Index added 54 points to finish at 4,559. And on the futures market, the SPI200’s up 39 points.
To company news around this afternoon: Investment firm Guiness Peat Group Ltd (ASX:GPG) plans to offload its Australian business and list its British subsidiary, Coats, as part of a significant restructure. The company’s Australian assets include stakes in power company, Alinta, building products firm, Capral, and interests in food, property development and financial services. Guiness Peat Group Chairman Ron Brierley says the proposal will create an exciting and regionally focused activist investment company in Australia with the potential to maximise returns for shareholders. The company will initially hold 20% of the Australian business, with existing shareholders to be given shares in the new entity. The remaining British and New Zealand assets will be retained in the existing company. Shareholders will vote on the restructure in November. Shares in Guiness Peat Group closed 0.92% lower at $0.54.
Mincor Resources Ltd (ASX:MCR) says new exploration data for its Miitel nickel mine in Western Australia shows the mine could be bigger than originally estimated and has revealed a possible second nickel deposit. Production is set to re-start later this month at the mine after it was halted in December 2008 due to the slump in metals prices. It is set to return to previous annual production rates of 4500 to 5000 tonnes of nickel in concentrate to meet renewed demand from stainless steel makers. Shares in Mincor Resources closed 9.86% higher at $1.95.
Also making news: Engineering firm LogiCamms Ltd (ASX:LCM) has won a $10.75 million contract from Thiess Degremont to supply project control systems for the Victorian desalination project.
The board of AMP Ltd (ASX:AMP) has appointed investment banker Catherine Brenner as a non-executive director. Ms Brenner is also a non-executive director of Coca Cola Amatil Ltd and Centennial Coal Co. Ltd, as well as being a member of the Takeovers Panel.
In another company appointment announced today, Qantas Airways Ltd (ASX:QAN) has hired Gareth Evans as chief financial officer.
And mining giant Rio Tinto Ltd (ASX:RIO) is to invest US$469 million in developing its Kennecott Eagle nickel and copper mine in the US after gaining environmental approval for the operation.
In the best and worst performers: The majority of industry sectors closed in positive territory today, with the best performer being the Materials index, up 261 points at 11,962. The worst performing sector was the Health Care index, down 25 points at 8,427.
The best performing stock in the S&P/ ASX200 was Murchison Metals, shares rose 11.05% to $2.16. Shares in Atlas Iron rose after it announced an iron ore discovery near its Wodgina mine in Western Australia, and Mincor Resources shares also closed higher.
The worst performing stock was Isoft Group, shares fell 6.78% to close at $0.275. Shares in Downer EDI and Biota Holdings also closed weaker today.
In commodities, gold is trading at $1,234.30 U.S an ounce, and light crude is up $0.10 at $77.04 U.S a barrel.
