Aussie shares closed the session higher today, boosted by resource stocks on firmer oil and metals prices.
The S&P/ASX200 index is up 45 points at 4,404 and on the futures market, the SPI200 is up 53.
To company news around this afternoon: Sundance Resources (ASX:SDL) says the resource at its iron ore project in West Africa is significantly undervalued by the market. In an investor presentation today, the company also said a definitive feasibility study for the project is also on track for completion this year.Sundance shares resumed trading on the ASX on Monday after suspending trading in the company’s shares following the death of the company’s entire board in a plane crash in West Africa in June. Shares in Sundance Resources closed up 25% at $0.15.
The non-conflicted directors of North Queensland Metals (ASX:NQM) have recommended that shareholders accept a takeover offer from Heemskirk Consolidated Ltd (ASX:HSK). Heemskirk is offering 1.2 of its shares for every North Queensland Metal’s share held. The company’s non-conflicted directors have rejected a rival offer from Conquest Mining as opportunistic and inadequate, saying that it does not recognise the current performance and future potential of North Queensland Metals. Shares in North Queensland Metals closed steady at $0.295
Also making news: Andrew Forrest’s company Poseidon Nickel Ltd (ASX:POS) is in a trading halt, pending a capital raising announcement.
Qantas (ASX:QAN) will enter into an integrated national cleaning and facilities management contract with facility services company Spotless Group Ltd, the partnership allowing Qantas to combine the services delivered by many different contractors into a single national service.
Paladin Energy Ltd (ASX:PDN) says it is on target to meet its 2011 financial year production guidance, following record quarterly production of uranium oxide for the three months to June.
David Jones (ASX:DJS) has agreed to an early termination of its existing Toombul lease with Centro Ltd. and will instead focus on its larger and more profitable Chermside store, 5km away from the Toombul store in Queensland.
In the best and worst performers: The best performing index at close was the Materials sector up 179 points at 11,571. The worst performing index at close was the Telco Services sector, down 2 points at 1,096.
The best performing stock in the S&P/ ASX200 was Sundance Resources, share price as mentioned before. Shares in Aquarius Platinum and Infigen Energy also closed higher.
The worst performing stock was Arrow Energy, shares fell 6.6% to close at $4.67. Shares in Energy World Corporation and AWE Ltd also closed weaker today.
In commodities, gold is trading at $1,184.40 U.S an ounce, and light crude is up $0.29 at $76.83 U.S a barrel.
