The Australian share market closed one per cent stronger today. Stocks climbed higher with positive US and Chinese economic reports lifting optimism. Banks and miners led the gains in a low-volume trading day, with three states on a public holiday.
The S&P/ASX 200 Index is 46 points higher to finish at 4,625. On the futures market, the SPI200 is up 51 points.
To company news: Fortescue Metals Group Ltd (ASX:FMG) says it has set a new monthly export record in September that reinforces its ability to achieve 55 million tonnes per annum run-rate with existing port and rail infrastructure. The miner says during the month it loaded more ships and exported more iron ore than in any other month in its two and a half year production history. Fortescue advises its September quarter production report will soon be released and will reveal production figures for the month that easily beat the August result. Shares in Fortescue Metals Group closed 1.14% up at $5.33.
Suncorp-Metway Ltd’s (ASX:SUN) chairman John Story will retire at the annual general meeting on 4 November. Mr Story says with the stabilisation of the groups’ operations and the redevelopment of momentum, it is appropriate the renewal of the board is completed with a new chairman. In fiscal 2010, Suncorp-Metway doubled its full year net profit from $348 million in 2009 to $780 million for the year to 30 June. Shares in Suncorp-Metway closed 1.48% up at $8.90.
Also making news: Gas and electricity distributor SP AusNet (ASX:SPN) has achieved a 15 to 20 per cent net profit after tax improvement for the first half of fiscal 2011, it says driven mainly by a favourable tax position.
Ivanhoe Australia Ltd (ASX:IVA) has completed its acquisition of the Osborne copper and gold mine in Queensland from Canada’s Barrick Gold Corporation. In May the explorer said it would purchase the project for $17.5 million plus a small royalty.
Rio Tinto Ltd’s (ASX:RIO) Alcan arm will invest US$140 million into a casting facility at its aluminum smelter in Iceland, boosting the global miner’s investment into the smelter to US$487 million.
Galaxy Resources Ltd (ASX:GXY) is set to raise $30 million through a convertible note facility to a strategic China-based investor, for development at its Mt Cattlin mine in Western Australia and processing plant in China.
In the best and worst performers: Most sectors closed in positive territory today with the best performing sector Financials Excluding Real Estate Investment Trusts, the index up 67 points to 5,127. The only sector that closed in the red today was Telco Services with the index down 1 point to 910.
The best performing stock in the S&P/ASX200 was Atlas Iron shares were 5.6% higher at $2.45. Shares in Karoon Gas Australia and Cabcharge Australia also closed higher. The worst performing stock was Paladin Energy shares dropped 4.79% to $3.58. Shares in Platinum Australia and Murchison Metals closed weaker today.
In commodities, gold is trading at $1317 US an ounce. And light crude is down $0.12 at $81.46 US a barrel.
