The Australian share market closed higher today. Supporting the markets positive session was a report showing a surge in consumer confidence. Among the better performers were the banks, including Westpac and the Commonwealth bank.
The S&P/ASX 200 Index is 82 points higher to finish at 4,462. And on the futures market, the SPI200 is up 85 points.
In economic news: Wespac Melbourne Institute index of consumer sentiment rose 11.1% in July, the biggest rise in 13 months.
To company news: In response to media speculation Linc Energy (ASX:LNC) says it remains in negotiations with a number of parties concerning the sale of its non-core Queensland coal tenements. The company says at this stage no contract or material terms have been finalised with any party. Linc Energy also announced today that it has completed the acquisition of 122,000 acres of Alaskan Oil and Gas Leases. Shares in Linc Energy closed up 31.43% at $1.38
The board of Mosaic Oil (ASX:MOS) has unanimously recommended that shareholders accept AGL Energy’s (ASX:AGK) proposed $130 million takeover. The proposed acquisition will be implemented via a scheme of arrangement under which Mosaic shareholders will receive $0.15 cash per fully paid share or 1.01 AGL share for every 100 fully paid Mosaic shares. As part of the agreement reached with AGL, Mosaic is still able to engage in discussions with other interest parties until August 4. Shares in Mosaic closed 7.41% higher at $0.145
Also making news: Transfield Services Ltd (ASX:TSE) today announced the retirement of independent director, Professor Steve Burdon, as part of the company’s ongoing board renewal process. Transfield also announced that is has secured work in the initial phase of the National Broadband Network rollout program to construct one of the first release sites.
Over 1,000 mourners turned out today to farewell Macarthur Coal Ltd (ASX:MCC) founder Ken Talbot in a ceremony in Brisbane. Mr Talbot died in a plane crash in West Africa last month which also killed the entire board of Sundance Resources Ltd (ASX:SDL).
Qantas (ASX:QAN) has announced it will receive the first of its 50 planned Boeing 787 Dreamliners in mid 2012, two years earlier than first anticipated following an agreement reached with Boeing.
Rio Tinto Ltd (ASX:RIO) says it has secured US$200 million in funding towards an expansion of its operations in the Pilbara of Western Australia.
In the best and worst performers: All sectors closed in the black today, the best performing index at close was the Financials excluding Real Estate Investment Trusts, sector up 123 points at 5,053. The index the smallest gain at close was the Health Care sector, up 6 points at 8,306.
The best performing stock in the S&P/ ASX200 was Linc Energy, shares rose 31.43% to $1.38. Shares in Lynas Corp and Biota Holdings also closed higher.
The worst performing stock was DuluxGroup, shares fell 2.67% to close at $2.55. Shares in Energy Resources of Australia and Virgin Blue also closed weaker today.
In commodities, gold is trading at $1,213.05 U.S an ounce, and light crude is down $0.10 at $77.05 U.S a barrel.
