The Australian share market closed a modest 0.1 per cent up today. The banks advanced, but were pulled back by the miners as investors remained on the sidelines ahead of key Chinese economic data due out tomorrow.
The S&P/ASX200 Index firmed 5 points to close at 4,746. On the futures market, the SPI is up 1 point.
Company news: Mirvac Group (ASX:MGR) says it is expecting revenues of over $1 billion from having secured Sydney's Harold Park Paceway. The property group plans to transform Harold Park Paceway into a residential development from early 2012, with settlements expected from the 2013/14 financial year. Shares in Mirvac Group slipped 0.39 per cent to close at $1.265.
Lend Lease Group (ASX:LLC) has launched a $352 million infrastructure fund with a Dutch investment manager (PGGM Vermogensbeheer BV). Lend Lease UK Infrastructure Fund has an expected life of around 28 years and will invest in social infrastructure assets and established healthcare, education and accommodation projects in the UK. Shares in Lend Lease Group lifted 2.02 per cent to close at $8.07.
Guinness Peat Group (ASX:GPG) has announced the retirement of its chairman Sir Ron Brierley, who will be replaced by former Macquarie Bank deputy chairman Mark Johnson.
Wesfarmers Ltd (ASX:WES) has told Reuters that it has declared a force majeure at its Curragh coal mine in Queensland. The project has been impacted by heavy rains. WorleyParsons Ltd (ASX:WOR) has won a contract to undertake engineering and design work at the Rumaila oil field in south Iraq, although it is awaiting approval from the Iraqi government.
It took Westfield Group Ltd’s (ASX:WDC) executive chairman Frank Lowy just 30 minutes to form the $12 billion Westfield Retail Trust after receiving an overwhelming 97 per cent approval vote from shareholders.
In the best and worst performers: The best performing sector at close was Financials Excluding Real Estate Investment Trusts, with the index gained 41 to close at 5,114. The worst performing sector was Utilities with the index lost 40 points to close at 4,451. The best performing stock in the S&P/ ASX200 was Beach Energy shares rose 9.86% to close at $0.78. Shares in Hastie Group and Platinum Australia also advanced today. The worst performing stock was Aquarius Platinum shares dropped 8.09% to close at $5.45. Shares in Regis Resources and PanAust also fell today.
In commodities, gold is trading at $US1,391 an ounce. And light crude is up $0.14 at $US88.51 a barrel. The Australian Dollar is buying 98.51 US cents.
