The Australian share market closed higher today, challenging earlier losses to close over .6% stronger, mining stocks fuelling the gains.
The S&P/ASX 200 Index is up 29 points to finish at 4,595. And on the futures market, the SPI200 is up 30 points.
To company news around this afternoon: QBE Insurance Group Ltd (ASX:QBE) says it will restructure its operations into three main geographic divisions, and has revised its group executive structure accordingly. QBE says the new divisions will include Europe, the Americas and Australia Asia Pacific. Vince McLenaghan has been appointed as chief executive of the Australia Asia Pacific division that covers 16 counties and generates an annual premium of over $4.5 billion. Shares in QBE Insurance Group closed 1.1% up at $17.42.
Village Roadshow Ltd (ASX:VRL) has proposed to simplify its capital structure and administer a share buyback. The theme park and cinema operator has advised the proposal would give preference shares the same rights as ordinary shares, and also include an on market buy-back. Village Roadshow says the proposal is subject to various conditions, including shareholder approval and the ability to obtain finance to fund the buy-back. Shares in Village Roadshow closed 8.96% up at $2.31.
Also making news: Artemis Resources (ASX:ARV) has announced that it has located high grade gold mineralisation at its first drill hole at the Mt Clement project in Western Australia, and says the potential to extend the project is high based on the strength of the located resource.
According to the Australian Financial Review, BHP Billiton (ASX:BHP) is expected to become only the sixth company to record in excess of US$40 billion of earnings before interest, tax, depreciation and amortisation for the year to 30 June. Bendigo and Adelaide Bank Ltd (ASX:BEN) has more than doubled its full year profit, posting $243 million, 190% up from the prior financial year.
The Australian Competition and Consumer Commission says it has begun market consultation concerning National Australia Bank Ltd’s (ASX:NAB) proposed plan to divest of a wealth management platform, so that is can win approval for its bid to purchase AXA Asia Pacific Holdings (ASX:AXA).
In the best and worst performers: Most indices closed in the black today. The best performing sector at close was the Materials index, up 127 points at 12,472. The worst performing sector was the Real Estate Investment Trusts index, down 2 points to 868.
The best performing stock in the S&P/ ASX200 was Elders shares rose 15.84% to $0.585. Shares in Lynas Corp and White Energy also closed higher. The worst performing stock was Mirabella Nickel, shares fell 5.45% to close at $1.995. Shares in Medusa Mining and iSoft Group also closed weaker today.
In commodities, gold is trading at $1210 U.S an ounce, and light crude is up $0.57 at $81.27 U.S a barrel.
