The Australian share market has closed stronger today with all the major miners and banks closing in the green. The shares gained strength today on the back of a surge in global stocks. The European markets and Wall Street soared on the back of positive data out of the both the US and China.
The S&P/ASX 200 Index closed 90 points higher to finish at 4,676. On the futures market, the SPI200 is 91 points higher.
Economic news: The latest figures from the Australian Bureau of Statistics reveal that retail sales slumped in October, dropping 1.1 per cent against expectations for a 0.5 per cent rise. The biggest fall was recorded in restaurants, cafes and takeaway food, followed by clothing, footwear and personal accessory. Other retailing and department store sales also slipped.
Leighton Holdings Ltd’s (ASX:LEI) subsidiary Thiess has won a $5.5 billion coal mine development contract in India. India’s largest electricity generator NTPC Ltd, awarded Thiess the right to develop and operate the Pakri Barwadi coal mine in a joint venture deal. Thiess owns 90 per cent of the joint venture while Minecs Finvest Private Ltd owns the remaining 10 per cent. Shares in Leighton Holdings Ltd closed 3.36 per cent higher at $32.31.
Macquarie Group Ltd (ASX:MQG) says it has hired former vice chairman of Bears Stearns Thomas Hassen to run its global oil and gas investment banking group. Mr Hassen, who was most recently at private equity firm Irving Place Capital, will be chairman of the bank’s oil and gas group. Mr Hassen’s appointment commenced yesterday and he will be based in the bank’s New York office. Shares in Macquarie Group closed 1.55 per cent higher to $35.47.
BHP Billiton Ltd (ASX:BHP) chairman Jac Nasser has shelled out $1.4 million to top up his holding in the miner amidst its share buyback. Records show Mr Nasser picked up twenty-thousand BHP American depository shares on-market on the New York Stock Exchange on November 30.
Qantas Airways Ltd (ASX:QAN) says it is going to conduct further inspections on its A380 engines, starting from today afternoon, but says the checks should not disrupt international flights.
Sedgman Ltd (ASX:SDM) has won an $85 million contract for work at the Bengalla mine in New South Wales.
Beverages company Foster's Group Ltd (ASX:FGL) has confirmed that it is working towards demerging its beer and wine businesses. Foster’s chairman David Crawford says if a demerger proposal is recommended by the board and approved by shareholders, it can be achieved in the first half of next year.
In the best and worst market performers: The best performing sector was Utilities which closed 109 points higher to 4,451. The worst performing sector was Consumer Staples with the index 32 points higher to 7,666. The best performing stock in the S&P/ ASX200 was Cudeco, shares closed 9.56 per cent higher at $4.01. Shares in Regis Resources and Mirabela Nickel also improved at close. The worst performing stock was Hastie Group, shares fell 4.31 per cent to $1.00. Shares in Intrepid Mines and Metcash also closed lower today.
In commodities, gold is trading at $US1,392 US an ounce and light crude is down $0.09 to $86.66.
