The Australian share market closed higher today. Gains in bank stocks supported the market with investor sentiment given a boost following the release of data that showed the unemployment rate hit 5.1% in June, its lowest level since January 2009.
The S&P/ASX 200 Index closed up 102 points to finish at 4,357. And on the futures market, the SPI200’s up 100 points.
To company news around this afternoon: Litigation funder IMF Australia Ltd (ASX:IMF) has agreed to fund a claim by Kimberly Global against iron ore miner Centrex Metal Ltd (ASX:CXM). The claim against Centrex is for breach of contract following Kimberley Global’s introduction of China’s Wuhan Iron and Steel Corporation to Centrex. On Wednesday Centrex and Wuhan Iron and Steel announced a joint magnetite iron ore venture in South Australia’s Eyre Peninsula. Centrex (ASX:CXM) closed 1.27% lower at $0.39
Boral Ltd (ASX:BLD) has had its short and long term rating upgraded following news of its $490 million capital raising. Ratings agencies Standard and Poor’s and Moody’s have also both raised their outlook on the company from negative to stable. Boral also announced today the successful completion of the institutional component of its capital raising. Boral says it raised gross proceeds of approximately $274 million from institutional investors at $4.10 per share. Shares in Boral closed down 10.02% at $4.40
Internet Marketing company Webfirm Group Ltd (ASX:WFM) has announced it has acquired both Adimise Pty Ltd and Full Circle Online Pty Ltd from Full Circle Holdings, providing Webfirm with online ad serving technology. Oil Basins Ltd (ASX:OBL) shares skyrocketed today up 35% at one point, following news that an independent expert has deemed its coal seam gas Canning Basin permits as prospective.
The Australian Competition and Consumer Commission will again delay releasing its findings on BHP Billiton (ASX:BHP) and Rio Tinto’s (ASX:RIO) proposed merger of iron ore operations in Western Australian.
Developer Lend Lease Group (ASX:LLC) has signed an agreement with the London Borough of Southwark for the $2.7 billion regeneration of urban project Elephant and Castle.
In the best and worst performers: All sectors closed in positive territory today. However, the sector with the biggest gain was the Financials Excluding Real Estate Investment Trusts, index up 147 points at 4,883. The sector with the smallest gain was the Telco services index up 15 at 10,090.
The best performing stock in the S&P/ ASX200 was Cudeco, shares rose 10.45% to $4.65. Shares in Gunns and Infigen Energy also closed higher.
The worst performing stock was Boral Ltd, shares fell 10.02% to close at $4.40. Shares in Aquarius Platinum and Ansell also closed weaker today.
In commodities, gold is trading at $1,205.75 U.S an ounce, and light crude is up $0.50 at $74.57 U.S a barrel.
