The Australian share market closed steady today, up a modest 0.1 per cent. Miners rose following copper rallying to a record high, with gains offset by losses in the major banks, all closing in the red. The S&P/ASX200 Index firmed 7 points to close at 4,778. On the futures market, the SPI is 10 points higher.
Economic news: The Westpac and Melbourne Institute’s leading index on the Australian economy has shown the economy grew at an annualised rate of 4.1 per cent in October. While lower than the growth of 4.5 per cent in September, October’s read comes in above the long term growth trend of 3.3 per cent.
Company news: Shares in Austal Ltd (ASX:ASB) advanced today, following news that the shipbuilding company is moving closer to finalising a deal with the US Navy to deliver 10 vessels. Austal says the US Congress has given it the green light for the deal and is now awaiting approval from President Obama, expected later today. Shares in Austal jumped 8.12 per cent to close at $3.46.
Bank of Queensland Ltd (ASX:BOQ) says it will defend charges laid against it by regulators regarding the collapse of Storm Financial. The Australian Securities and Investments Commission (ASIC) today declared that it has commenced legal proceedings against the regional lender, as well as against Commonwealth Bank of Australia Ltd (ASX:CBA) and Macquarie Group Ltd (ASX:MQG). ASIC says it is seeking compensation for around 13,000 investors who suffered losses from the 2008 collapse of Storm Financial. Shares in Bank of Queensland lifted 0.09 per cent to close at $10.54.
Lynas Corporation Ltd (ASX:LYC) has announced the Malawi government has given the minerals explorer approval to buy a rare earths resource for around $4 million.
Bendigo and Adelaide Bank Ltd (ASX:BEN) says the merger that brought the bank together in 2007 will contribute around $34 million to its net profit in the first half of the current financial year.
Construction company Lend Lease Group Ltd (ASX:LLC) has been selected by Melton Shire Council in Victoria to develop a $1.2 billion project.
Santos Ltd’s (ASX:STO) $200 million investment plan to drill three wells in the Bay of Bengal has received approval from the government of Bangladesh.
In the best and worst performers: The best performing sector at close was Consumer Discretionary, with the index up 8 points to close at 1,508. The worst performing sector was Energy, the index dropping 48 points to close at 16,205. The best performing stock in the S&P/ ASX200 was Lynas Corporation shares improved 4.4% to close at $1.66. Shares in Ten Network Holdings and Iluka Resources also rose today. The worst performing stock was Intrepid Mines shares lost 5.75% to close at $1.885. Shares in Energy Resources of Australia and Avoca Resources also closed weaker today.
In commodities, gold is trading at $1,390 US an ounce. And light crude is up $0.15 at $89.97 US a barrel.
