The local share market has closed the session higher today boosted by strong gains in the banks and miners who benefited from higher metals prices. Aussie stocks also receiving positive cues from the US and Asian markets.
The S&P/ASX 200 Index is 73 points higher to finish at 4,675. On the futures market, the SPI200 is up 79 points.
To company news: Iron ore miner Murchison Metals Ltd (ASX:MMX) shares took a tumble today prompting the miner to defend claims joint venture partner Mitsubishi is to exit the Oakajee project. Murchison placed its shares in a trading halt and released a statement today saying media reports that suggested Mitsubishi is to withdraw from the 50/50 Oakajee joint venture are unfounded. The junior miner says it has also not seen any evidence to suggest a change of support and commitment for the project by West Australian Premier Colin Barnett. Murchison says it expects to begin first iron ore exports in 2014. Shares in Murchison Metals are in a trading halt and last traded at $1.625.
Gold miner Kingsgate Consolidated Ltd (ASX:KCN) says production for the September quarter will be lower than the average quarterly production for financial year 2010. Production in the September quarter is expected to be around 22,000 ounces of gold. The miner says production for fiscal 2010 is expected to remain within its forecast range of 120,000 – 130,000 ounces of gold. Kingsgate says the fall in output is due to major maintenance shutdowns of its gold treatment plant and the fact that mining operations at Chatree are constrained to a lower grade section of the orebody. The situation, says the miner, has been exacerbated by above average monsoonal rainfall. Shares in Kingsgate Consolidated closed 0.5% weaker at $12.
Also making news: ANZ Banking Group Ltd (ASX:ANZ) is to establish a Chinese language call centre in Chengdu to help support the bank’s operations in China.
National Australia Bank Ltd (ASX:NAB) has made changes to its credit card payments system that will see credit card transactions that attract the highest interest rate paid off first before those that attract a lower rate. The new system will apply to consumer and commercial credit cards, around 1.5 million accounts.
Nufarm Ltd (ASX:NUF) has secured some breathing space after the agricultural chemicals maker’s lenders granted a temporary waiver on its banking covenant breaches.
And Wesfarmers Ltd (ASX:WES) owned hardware chain Bunnings is to invest more than $600 million establishing 18 new outlets in NSW.
In the best and worst performers: Majority of sectors closed in positive territory today with the best performing sector the Financials excluding Real Estate Investment Trusts, the index up 110 points to 5,242. The only sector to close in the red was Telco Services with the index down 2 points to 918.
The best performing stock in the S&P/ ASX200 was White Energy shares were 9.36% higher at $4.09. Shares in PanAust and Lynas Corp also closed higher.
The worst performing stock was Murchison Metals shares price as mentioned before. Shares in Cabcharge Australia and CFS Retail Property Trust closed weaker today.In commodities, gold is trading at $1300 US an ounce. And light crude is up $0.27 at $76.76 US a barrel.
