The Australian share market closed 0.7 per cent higher, with energy and mining stocks leading the gains on strong metal prices.
The S&P/ASX 200 Index is up 34 points to finish at 4,639 and is up 79 points on the week. And on the futures market, the SPI200 is up 23 points.
Looking to the US and on Wall Street, the Dow Jones industrial index is 132 points higher for the four trading days this week. The S&P500 Index is up 15, the NASDAQ is up 61 points and the 100 index is up 56.
To company news: Commonwealth Bank of Australia (ASX:CBA) CEO Ralph Norris has taken home a $16.2 million pay-packet at the end of the 2010 financial year, soaring 80 per cent above the year before. The salary increase has boosted Mr Norris to one of the most highly paid banking chiefs in Australia, and demonstrates the recovery that the country’s banks have achieved since the global financial crises. For the year to 30 June, Commonwealth Bank booked a record annual cash net profit, up 42 per cent to $6.1 billion. Shares in Commonwealth Bank closed 0.13% up at $52.71.
Toll road operator Intoll Group Stapled Securities (ASX:ITO) has advised that its Westlink M7 toll road has raised $505 million from a syndicate of banks. The funds will be used to refinance a $500 million tranche of debt due to mature at the end of the year, and the balance to the transaction costs. Westlink M7 is 50 per cent owned by Transurban Group (ASX:TCL) and 50 per cent owned by Western Sydney Roads Group, which is jointly owned by Intoll and QIC. Shares in Intoll Group closed steady at $1.48.
Telstra Corporation Ltd (ASX:TLS) will receive US$254 million from the sale of its stake in SouFun Holdings, after the Chinese real-estate website’s IPO was priced at US$42.50 overnight.
Atlas Iron Ltd (ASX:AGO) says it is on track to hit six million tonnes of iron ore per annum by the end of the year, after loading its first ore from its two North Pilbara mines in Western Australia.
Shares in Sundance Resources Ltd (ASX:SDL) surged as the iron ore explorer announced plans to have secured both off-take contracts and project finance for its project in West Africa, by the end of this calendar year.
Santos Ltd (ASX:STO) shares also lifted, following news that the oil and gas company has completed a 650 million euro hybrid issue, with 100% equity credit from Standard & Poor’s.
In the best and worst performers: Most sectors closed in the black today. The best performing sector was the Energy sector, with the index up 231 to 15,157. The worst performing sector was the Telco’s sector with the index down 3 points to 949.
The best performing stock in the S&P/ ASX200 was Sundance Resources shares were 8.89% higher at $0.245. Shares in Riversdale Mining and Virgin Blue Holdings also closed higher. he worst performing stock was Biota Holdings shares were 3.61% down at $0.935. Shares in Pacific Brands and Incitec Pivot also closed lower.
The Australian Dollar is trading at 94.38 US cents, up just under 2 cents on the week. In commodities, gold is trading at $1279 US an ounce and is up $33 on the week. And light crude is up $0.31 at $74.88 US a barrel.
