Aussie stocks closed the session higher today boosted by comments from US Federal Reserve Chairman Ben Bernanke that the Fed has the tools to help support the US economic recovery if necessary. Mining stocks rose on the back of higher metals prices with gains in the big banks also helping to support the market today.
The S&P/ASX 200 Index is up 83 points to finish at 4,453. And on the futures market, the SPI200 is up 97 points.
In local economic news: The Housing Industry Association/Jeld-Wen New Home Sales survey for July showed that the number of new homes sold for the month fell 7 per cent. This is the third month of falls in new home sales. For the three months to July sales fell 8 per cent.
To company news around this afternoon: James Hardie Industries SE (ASX:JHX) will place its shares into a trading halt from 2pm (Australian Eastern Standard Time) on Wednesday as it awaits the outcome of its appeal against an amended assessment from the Australian Taxation Office. The case relates to a tax assessment of RCI, a wholly owned subsidiary of James Hardie, and its 1999 income tax. The company says if its appeal is successful it expects to recover around US$234.2 million of payments made under the amended assessment. However if unsuccessful James Hardie says a charge of around US$330.4 million will need to be recorded while the appeal process continues. Shares in James Hardie Industries closed 1.69% higher at $5.40.
Property investor ING Industrial Fund (ASX:IIF) has posted a loss of $259.8 million for the 2010 fiscal year a narrower loss than the $1.174 billion loss recorded for fiscal 2009. Total assets decreased by 14 per cent to $3.13 billion over the year, primarily due to devaluations of $69.9 million, asset sales of $155.3 million and an $89.7 million loss on its discontinued Canadian operations. However the company says values have substantially stabilised in the last six months. ING Industrial Fund declared a final dividend of 0.8025 cents per share taking the total full year distribution to 1.605 cents down from 5.3 cents the year before. The company forecasts distributions totalling 3.2 cents a share in the 2011 financial year. Shares in ING Industrial Fund closed flat at $0.465.
Also making news: Transfield Services Ltd (ASX:TSE) has secured a $33 million construction contract with Caltex Australia Ltd (ASX:CTX), to build new fuel storage tanks and a road tanker loading facility at Caltex’s fuels terminal at Port Hedland in Western Australia.
Infigen Energy (ASX:IFN) has posted an annual net loss of $73.5 million, down from a profit of $192.9 million in fiscal 2009, with a rise in operating costs and the Aussie dollar affecting the result.
Santos Ltd (ASX:STO) has signed a deal with Apache Energy to produce gas from the Spar and Halyard fields in WA, which involves the sale of its 55 per cent interest in the Spar development to Apache for US$31 million.
And gold miner Kingsgate Consolidated Ltd (ASX:KCN) has more than doubled its profit for the year, posting a earnings of $73.1 million for the 12 months to 30 June.
In the best and worst performers: All sectors closed in the black today, the best performing sector was the Financials excluding Real Estate Investment Trusts, with the index closing 111 points higher at 4,937. The sector with the smallest gain at close was the Telco Services sector with the index rising 5 points to close at 956.
The best performing stock in the S&P/ ASX200 was Kagara with shares closing 10.92% higher at $0.66. Shares in Carnarvon Petroleum and iSoft also closed higher.
The worst performing stock was ASX, shares closed 3.14% lower at $29.60. Shares in Telecom of New Zealand and Extract Resources also closed weaker today.
In commodities, gold is trading at $1236 US an ounce. Light crude is down $0.05 at $75.12 US a barrel.
