The Australian share market finished 2 per cent higher today, as stronger than expected GDP data fuelled investors with confidence, materials leading the gains.
The S&P/ASX 200 Index is up 91 points to finish at 4,496. And on the futures market, the SPI200 is up 106 points.
To company news around this afternoon: James Hardie Industries (ASX:JHX) has lost its Federal Court appeal with the Australian Tax Office. The building products manufacturer says as a result, it is likely to record a charge estimated to be around $387.7 million, but advises that it will remain in compliance with its debt covenants. The appeal was made on behalf of RCI Pty Ltd, a wholly owned subsidiary of James Hardie, and the company has 21 days from the judgment to appeal the decision. Shares in James Hardie closed 1.5% down at $5.25.
Shares in Jetset Travelworld (ASX:JET) rose today following the Australian Competition and Consumer Commission’s approval for the tour operator’s proposed merger with Stella Travel Services. The competition watchdog says the internet has dramatically impacted competition in the travel industry, and as a result the Jetset-Stella merger is unlikely to lessen competition. Stella brands include Harvey World Travel and Travelscene American Express, while Jetset operates Qantas Holidays and Qantas Business Travel. Jetset says the merger is expected to be complete at the end of the month. Shares in Jetset closed 16.79% up at $0.80.
Also making news: Bendigo and Adelaide Bank Ltd (ASX:BEN) has announced a dividend reinvestment plan and, an on-market share buy back of up to 3.4 million shares.
Industrial services company Coote Industrial Ltd (ASX:CXG) has recorded a loss of $124.6 million in fiscal 2010, attributing write downs and impairment charges for the result.
Campbell Brothers Ltd (ASX:CPB) has had its $136 million takeover offer for Ammtec Ltd (ASX:AEC) rejected by the mineral testing company, advising its shareholders that the revised offer does not represent fair value.
Shares in Nufarm Ltd (ASX:NUF) fell heavily today, following the agricultural chemicals supplier warning net debt is expected to increase 38 per cent over initial expectations, to around $620 million in fiscal 2010.
In the best and worst performers: All sectors closed in the black today, the best performing sector was the Materials, with the index closing 298 points higher at 11,996. The sector with the smallest gain at close was the Health Care sector with the index rising 50 points to close at 8,242.
The best performing stock in the S&P/ ASX200 was Virgin Blue Holdings with shares closing 11.59% higher at $0.385. Shares in St Barbara and Gunns also closed higher. The worst performing stock was Nufarm, shares closed 6.75% lower at $3.59. Shares in iSoft Group and Perpetual also closed weaker today.
In commodities, gold is trading at $1250 US an ounce. Light crude is up $0.59 at $72.51 US a barrel.