The Australian share market closed higher today, encouraged by gains in Telstra and the banks.
The S&P/ASX200 index is up 11 points at 4,497and on the futures market, the SPI200 is down 3.
To company news around this afternoon: Wesfarmers Ltd (ASX:WES) says two of its coal mining operations have recorded an increase in output, and one has reported a drop in output for the June quarter. Wesfarmers reports that coal production at the Queensland Curragh mine was up 6.4%, and production at New South Wales Bengalla mine was up 20.4% in the June quarter compared to the previous quarter. Production at the Western Australian Premier coal mine fell 7.6% compared to the previous quarter, Wesfarmers attributing the drop to lower demand from electricity generator Verve Energy. Shares in Wesfarmers closed 0.93% higher at $30.36.
North Queensland Metals (ASX:NQM) says that underground drilling results in its Pajingo joint venture with Heemskirk Consolidated Ltd (ASX:HSK) affirm the companies belief in the project. CEO John McKinstry said the results ranked among the best released by any Australian gold mine within recent years. The company has advised that shareholders who do not want their interest in Pajingo diluted, should accept the takeover offer from Heemskirk. Rival bidder Conquest Mining (ASX:CQT) has today released a statement to the ASX outlining reasons to accept their bid for North Queensland Metals, and reject the Heemskirk Offer. Shares in North Queensland Metals closed steady at $0.295.
Also making news: According to the Australian Associated Press, Telstra (ASX:TLS) CEO David Thodey says all jobs are on notice, including his own, and has warned that more job cuts can be expected.
AAP also reports that chairman of the Virgin Group Richard Branson, today told reporters in Sydney that there are no plans to sell any stake of Virgin Blue Holdings Ltd (ASX:VBA).
GUD Holdings (ASX:GUD) has announced a record $46.4 million net profit after tax for the year ended 30 June 2010, a 33% increase from the previous financial year.
Insurance Australia Group Ltd (ASX:IAG) says it expects a profit of $493 million for fiscal 2010, down from $515 million a year ago.
In the best and worst performers: The best performing index at close was the Telco Services up 18 points at 1,106. The worst performing index at close was the Materials sector, down 47 points at 11,984.
The best performing stock in the S&P/ ASX200 was Pacific Brands, shares rose 4.73% to $0.885. Shares in Biota Holdings and Aquarius Platinum also closed higher.
The worst performing stock was St Barbara, shares fell 7.35% to close at $0.315. Shares in Peruses Mining and Emeco Holdings also closed weaker today.
In commodities, gold is trading at $1,186.15 U.S an ounce, and light crude is down $0.09 at $78.89 US a barrel.
