Aussie shares closed 0.2 per cent higher, investors holding back ahead of the US Thanksgiving holiday. While Telstra Corporation Ltd
(ASX:TLS) received a boost on speculation the government will this week pass its telecommunications legislation, lifting the entire sector to the best performer of the day.
The S&P/ASX 200 Index closed 9 points stronger to finish at 4,593. On the futures market, the SPI200 is up18 points.
Company news: Tower Australia Group Ltd (ASX:TAL) has delivered an 88 per cent jump in net profit to $87.4 million for the year to 30 September, and says it is well positioned for future growth. The life insurance company says total revenue rose 15 per cent in the period to $791 million. A fully franked final dividend of 5.75 cents has been declared. Investors responded well to the news, shares in Tower Australia Group closed 4.08 per cent up at $2.55.
Beach Energy Ltd (ASX:BPT) and Itochu Corporation have moved a step closer to developing a small-scale liquefied natural gas facility in South Australia. In July both companies inked a deal to investigate potential LNG projects. Beach has today announced that it has now identified potential sites for the proposed $1 billion LNG facility and offloading terminal. Shares in Beach Energy advanced 2.29 per cent to close at $0.67.
Goodman Fielder Ltd (ASX:GFF) has confirmed it expects mid to high single-digit profit growth in the year ahead, despite increasing commodity costs and currency volatility.
Sources have told Reuters that Macquarie Group Ltd (ASX:MQG) is preparing to raise around $500 million through a five-year US-dollar hybrid capital bond.
GrainCorp Ltd (ASX:GNC) has delivered a 27 per cent improvement in its full year profit, climbing to $80.2 million in the twelve months to 30 September.
Coca-Cola Amatil Ltd (ASX:CCL) says it will double its investment in Indonesia by the end of 2013, as it plans to invest $100 million per year over the next three years.
The best and worst market performers: The best performing sector was Telco Services which closed 28 points higher to 987. The worst performing sector was Consumer Staples with the index falling 47 points to 7,778. The best performing stock in the S&P/ ASX200 was Lynas Corporation as shares were 7.19 per cent stronger at $1.64. Shares in Paladin Energy and Intrepid Mines also closed higher. The worst performing stock was GrainCorp down 9.57 per cent to $6.99. Shares in iSoft Group and Virgin Blue Holdings also closed lower today.
In commodities, gold is trading at $US1,371 an ounce. Light crude is down $0.13 at $83.73.
