The Australian share market closed slightly higher. After a negative lead from Wall St, Aussie stocks recovered from earlier losses with strong metal prices helping to lift Rio Tinto to a five month high.
The S&P/ASX 200 Index is 8 points higher to finish at 4,634. On the futures market, the SPI200 is down 24 points.
To company news: Stockland (ASX:SGP)has increased its stake in takeover target, retirement and aged care accommodation provider Aevum Ltd (ASX:AVE). The property developer now owns 22.45 per cent of Aevum, representing 39.9 million shares. Last week Stockland increased its bid for Aevum from $1.50 to a total of $1.80 cash per share. Aevum has advised short to medium term investors accept the revised offer, while longer term investors consider rejecting the offer. Shares in Stockland closed 1.02% down at $3.90.
Shares in Cudeco Ltd (ASX:CDU) lifted today, following an announcement that it will raise $20 million though a placement to a new institutional investor. Cudeco will issue 10 million shares at $2 each. Funds are expected to contribute to the development of its wholly owned Rocklands Copper Project in Queensland. Shares in Cudeco closed 5.29% up at $2.19.
Base metals miner Jabiru Metals Ltd (ASX:JML) has completed a feasibility study at its $10 million Jaguar Project, and says construction of the Heavy Media Separation (HMS) plant will begin next year, allowing for additional crushing and stockpiling capacity.
Auckland International Airport Ltd (ASX:AIA) has recorded a 2.8 per cent increase in domestic passengers and a 4 per cent in international passengers for August, compared to the same time last year.
The Australian Competition and Consumer Commission has given Virgin Blue Holdings Ltd (ASX:VBA) the preliminary go-ahead for its proposed alliance with Middle East-based airline Etihad.
Washington H. Soul Pattinson & Co Ltd (ASX:SOL) has delivered a significant drop in fiscal 2010 net profit, sliding 80 per cent lower than the record $1.12 billion achieved last year to $218.3 million.
In the best and worst performers: The best performing sector at close was Health Care with the index up 140 points to 8,301. The worst performing sector was Consumer Discretionary with the index down 15 points to 1,554. The best performing stock in the S&P/ ASX200 was Carnarvon shares were 7.5% higher at $0.43. Shares in Cudeco and Straits Resources also closed higher.
The worst performing stock was Henderson Group with shares falling 5.61% to close at $2.02. Shares in Ten Network Holdings and Caltex Australia closed weaker.
In commodities, gold is trading at $1292 US an ounce. And light crude is up $0.17 at $74.88 US a barrel.
