The local share market closed the session modestly higher today ahead of key economic data out of the US tonight. Declines in the financials holding the market back.
The S&P/ASX 200 Index is up 9 points to finish at 4,541 and is up 171 points on the week. And on the futures market, the SPI200 is up 7 points.
Looking to the US and on Wall Street, the Dow Jones industrial index is 169 points higher for the four trading days this week. The S&P500 Index is up 25 points, the NASDAQ is up 46 points and the 100 index is up 49. To company news around this afternoon: Sigma Pharmaceuticals Ltd (ASX:SIP) could face a class action relating to non-disclosure surrounding its $297 million capital raising. In a statement to the ASX this afternoon, the drug maker says it has received correspondence foreshadowing a proposed representative proceeding relating to non-disclosure by Sigma prior to its capital raising in September 2009. Sigma says the amount of the claim has not been quantified, but if legal proceedings are issued it intends to vigorously defend them. Shares in Sigma Pharmaceuticals closed 2.06% lower at $0.475 today.
Zinc miner Terramin Australia Ltd (ASX:TZN) is on the lookout for acquisitions to build on its existing portfolio. In a presentation to the Paydirt Africa Down Under conference in Perth today, the miner said it plans to expand by acquiring and developing base metal mines. The company says it is focused on zinc but is open to other opportunities. Shares in Terramin Australia closed 1.85% weaker at $0.53 today.
Also making news: According to a Bloomberg report, Macquarie Group Ltd (ASX:MQG) has been identified as one of a number of companies who have expressed interest in acquiring German energy company RWE’s natural gas network in Germany which could fetch up to 500 million euro’s reports Bloomberg.
Reuters reports that Aussie oil and gas producer Santos Ltd (ASX:STO) is to meet with European investors to discuss interest in a hybrid issue. The issue would compliment reports that the energy company is to launch a $2 billion rights issue to fund its Gladstone LNG project in QLD. Fortescue Metals Group Ltd (ASX:FMG) has denied allegations from its major US shareholder, Leucadia National Corporation, that it breached a loan agreement.
And Telstra Corporation Ltd’s (ASX:TLS) Chinese subsidiary SouFun Holdings has filed for an initial public offering with the US Securities and Exchange Commission, pricing the IPO of the online real estate business at US$810 million to US$850 million.
In the best and worst performers: The best performing sector at close today was the Utilities sector with the index up 70 points at 4,383. The worst performing sector was the Financials excluding Real Estate Investment Trusts with the index down 20 points at 5,011.
The best performing stock in the S&P/ ASX200 was Macquarie Atlas shares were 8.63% up at $1.385. Shares in Mirabela Nickel and Spotless Group also closed higher.
The worst performing stock was Aristocrat Leisure with shares going ex-dividend today. Shares closed 4.96% lower at $3.64 Shares in West Australian Newspapers Holdings, shares also went ex-dividend today, and Biota Holdings closed weaker today.
The Australian Dollar is trading at 90.7 US cents, up under a cent on the week.
In commodities, gold is trading at $1251 US an ounce and is up $14.90 on the week. And light crude is down $0.39 at $74.63 US a barrel.
