The Australian share market closed higher today, up 0.7%, the fourth consecutive day of rises, spurred by gains in banks and consumer staples on the back of a better than expected CPI figure for June.
The S&P/ASX200 index is up 33 points at 4,530 and on the futures market, the SPI200 is up 37.
To company news around this afternoon: BlueScope Steel Ltd (ASX:BSL) has signed an agreement with Nippon Steel to develop next-generation steel products, underpinning a 40 year relationship between both companies. The steel manufacturer says under the collaboration both BlueScope and Nippon will undertake joint research and development, producing steel products for global building and construction markets. Bluescope advises the new technology will improve corrosion performance. Shares BlueScope Steel in closed 0.41% down at $2.40.
Alesco Corporation Ltd (ASX:ALS) has posted another annual net loss, and says it remains cautious about the year ahead. The company posted a $124.3 million net loss for the year ending 31 May, significantly higher than the $12.8 million loss recorded the year before. Alesco’s new CEO Peter Boyd says the company’s financial performance and shareholder returns have been unsatisfactory, and operational focus must be sharpened to restore revenue and margins. Shares in Alesco Corporation closed 0.4% up at $2.52.
Also making news: Mortgage and financial services group Firstfolio Ltd (ASX:FFF) has signed a partnership with LJ Hooker who will re-launch its house brand mortgage product.
According to the Australian Associated Press Qantas Airways Ltd (ASX:QAN) CEO Alan Joyce says the airline hopes to fly from Australia to Europe via China, if approved by authorities.
Looking at some of our earlier reports: Macarthur Coal Ltd (ASX:MCC) has reported a sales record of 5.32 million tonnes of coal for the financial year ending June 30 2010, despite a 11% drop in June quarter sales compared to the same time last year.
Downer EDI Ltd (ASX:DOW) has announced that its Mining Division has signed contracts of around $2 billion with the BHP Billiton Mitsubishi Alliance (ASX:BHP).
In the best and worst performers: The best performing index at close was the Financials Excluding Real Estate Investment Trusts sector up 59 points at 5,138. The worst performing index at close was the Telco Services sector, down 8 points at 10,098.
The best performing stock in the S&P/ ASX200 was Kagara, shares rose 9.68% to $0.68. Shares in Downer EDI and Graincorp also closed higher.
The worst performing stock was Perseus Mining, shares fell 4.46% to close at $2.14. Shares in Lynas Corp and Avoca Resources also closed weaker today.
In commodities, gold is trading at $1,163.95 U.S an ounce, and light crude is down $0.08 at $77.42 US a barrel.