The Australian share market closed stronger today, on the back of gains in the banks and miners and following a positive finish on Wall St.
The S&P/ASX200 index is up 84 points at 4,458, up 36 on the week. On the futures market, the SPI200 is up 88.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index closed 224 points up for the four trading days this week. The S&P500 Index up 29 points, the NASDAQ is up 67 points and the 100 index is up 60.
In economic news today: According to the ABS, Australian export prices rose 16.1% in the second quarter with import prices up 1.9%.
To company news around this afternoon: Grange Resources Ltd (ASX:GRR) has announced the divestment of two non-core assets to focus on the larger operations of Savage River, and the development of the Southdown Magnetite Project. The iron ore miner has sold its 79.3% share of Murchison Copper Mines to Horseshoe Metals Ltd, for 3.92 million shares and 1.3 million options in Horseshoe Metals. Grange says it is also to sell its 51% share of the Bukit Ibam magnetite mine to Esperance Mining for $3.5 million. Shares in Grange Resources are 3.06% higher at $0.505
AGL Energy Ltd (ASX:AGK) has priced $US300 million of unsecured notes in the US private placement market in a bid to transfer part of its debt. The company says funding comprises of two tranches of 12-year and 15-year maturities for US$165 million and US$135 million respectively. AGL says proceeds are expected to be received in September 2010 and will be used to cancel existing bank debt facilities. Shares in AGL Energy are 0.2% up at $14.91.
Also making news: The Australian Associated Press has reported that law firm Maurice Blackburn will file class action proceedings against National Australia Bank (ASX:NAB) for not revealing $1.2 billion worth of collateralized debt obligations in 2008.
Sandfire Resources NL (ASX:SFR) says it has finalised an agreement with Korean-based LS-Nikko Copper Inc., to acquire a 12.5% strategic interest in Sandfire through a $93.9 million share placement.
Woodside Petroleum Ltd (ASX:WPL) says production volumes were down by 10% for the June 2010 quarter, compared same period last year.
MAp Group (ASX:MAP) has reported double-digit growth for Sydney airport for the six months to 30 June with EBITDA, of $367.2 million, a 12.7% increase over the previous corresponding period.
In the best and worst performers: The best performing index at close was the Financials Excluding Real Estate Investment Trusts sector up 114 points at 5,008. The worst performing index at close was the Telco Services sector, down 3 points at 1,085.
The best performing stock in the S&P/ ASX200 was Kagara, share rose 10.28% to $0.59. Shares in White Energy Company and Ausenco also closed higher.
The worst performing stock was Linc Energy, shares fell 2.23% to close at $1.535. Shares in Sigma Pharmaceuticals and Charter Hall Retail also closed weaker today.
The Australian Dollar is trading at 89.28 US cents, up 2.4 cents on the week.
In commodities, gold is trading at $1,196.95 U.S an ounce and is up $3.07 on the week. Light crude is down $0.27 at $79.03 U.S a barrel.
