The local share market has closed the session slightly higher today coming off earlier highs with gains in the major miners like BHP helping to support the market. Resources stocks have benefitted from a strengthening Chinese economy and brighter outlook for metals demand.
The S&P/ASX 200 Index is up 12 points to finish at 4,627. On the futures market, the SPI200 is up 8 points.
To company news around this afternoon: The commonwealth Bank of Australia (ASX:CBA) and Vietnam International Bank have completed arrangements for a strategic partnership in Vietnam. CBA says it has acquired a 15% stake in the Vietnamese bank, after regulatory approvals were confirmed in Vietnam. The Commonwealth Bank says it will help Vietnam International Bank further enhance its operational and commercial capabilities, risk management and competitiveness. Shares in the Commonwealth Bank of Australia closed 0.17% higher today at $53.60
Paladin Energy Ltd (ASX:PDN) is a step closer in its plan to take control of NGM Resources Ltd (ASX:NGM) after increasing its stake in the uranium explorer. Paladin says Deutsche Securities Australia has accepted its offer for 20 million NGM shares Deutsche held. Paladin's stake in NGM Resources now stands at 47.44 per cent. Shares in Paladin Energy closed 0.26% higher at $3.82.
Also making news: Pike River Coal Ltd (ASX:PRC) has appointed Peter Whittall as CEO effective from the 2nd of October 2010.
Allied Brands Ltd (ASX:ABQ) says it has retained the rights to distribute Baskin and Robbins products in Australia, although talks between the company and owner of the ice-cream chain, Dunkin Brands, continues. Earlier this month, US Dunkin Brands, sent a letter to Allied Brands terminating its right to distribute and franchise the Baskin & Robbins brand in Australia.
Global miner Rio Tinto Ltd (ASX:RIO) says it will invest US$803 million to complete the Argyle Diamond mine in Western Australia. The miner also says it has increased its stake in Canada’s Ivanhoe Mines to 34.9 per cent.
And the Foreign Investment Review Board has approved private equity firms The Carlyle Group and TPG Capital’s $2.7 billion takeover of Aussie health care provider Healthscope Ltd (ASX:HSP).
In the best and worst performers: The best performing sector at close was the Materials with the index up 123 points at 12,476. The worst performing sector at close was the Telco Services sector with the index down 6 points at 959.
The best performing stock in the S&P/ ASX200 was St Barbara shares were 10.26% higher at $0.43. Shares in Platinum Australia and Karoon Gas Australia also closed higher. The worst performing stock was iSoft Group with shares falling 3.7% to close at $0.13. Shares in Gunns and Computershare also lower.
In commodities, gold is trading at $1250 US an ounce. And light crude is down $0.04 at $77.15 US a barrel.
