The Australian share market closed 0.4 per cent higher today, after a day of subdued trade following weak overseas leads with financials and materials closing mixed.
The S&P/ASX200 Index firmed 16 points to close at 4,784. On the futures market, the SPI is down 8 points.
In economic news: The Australian Bureau of Statistics has reported international merchandise imports lifted 4 per cent in November to $17.7 billion, seasonally adjusted. While the Melbourne Institute survey of consumer inflationary expectations has shown the median expected inflation rate fell to 2.8 per cent in December, marking the second consecutive monthly decline.
Company news: Rio Tinto Ltd (ASX:RIO) says it expects to receive over $2 billion from the divestment of Cloud Peak Energy Inc, a spin-off of Rio Tinto Energy America. The global miner has announced the pricing for a secondary offer of 25.6 million Cloud Peak Energy shares valued at $US19.50 per share. Shares in Rio Tinto slipped 0.02 per cent to close at $87.00.
Shares in Orica Ltd (ASX:ORI) lifted today, following confirmation that the explosives marker is on track to improve its profit in the current financial year. Orica says fiscal 2011 profit will rise from the year before, considering the adjustments for the DuluxGroup demerger. In fiscal 2010 Orica recorded a net profit after tax of $1.3 billion. Shares in Orica added 0.16 per cent today to close at $25.20.
Macarthur Coal Ltd (ASX:MCC) has downgraded its first half profit by 18 per cent, blaming wet weather. The coal miner now expects profit of between $97 million to $102 million in the six months to December 2010.
Lend Lease Group (ASX:LLC) says changes to its Barangaroo South concept plan have been given the thumbs up from the New South Wales government, advancing plans for the controversial development on Sydney’s foreshore.
AMP Ltd (ASX:AMP) says it has completed due diligence on AXA Asia Pacific Holdings Ltd (ASX:AXA) which it plans to acquire for $13 billion.
Australia’s competition watchdog has conditionally approved an alliance between Virgin Blue Holdings Ltd (ASX:VBA) and Air New Zealand, after imposing a number of conditions on the tie-up.
In the best and worst performers: The best performing sector at close was Utilities, with the index rising 107 to close at 4,463. The worst performing sector was Telco Services, the index falling 6 points to close at 948. The best performing stock in the S&P/ ASX200 was Ausenco shares gained 9.44% to close at $3.13. Shares in Platinum Australia and Energy World Corporation also advanced today. The worst performing stock was Mt Gibson shares lost 3.62% to close at $2.13. Shares in Medusa Mining and UGL also eased today.
In commodities, gold is trading at $US1,381 an ounce. And light crude is down $0.21 at $US88.41 a barrel.
