The Australian share market firmed 0.4 per cent at close, following positive offshore leads. Local stocks climbed to a six-week high, boosted by the miners advancing on the back of commodity prices rising to multi-year highs.
The S&P/ASX200 Index added 21 points to close at 4,799. On the futures market, the SPI is 39 points higher.
Company news: Rio Tinto Ltd (ASX:RIO) has announced a $3.9 billion takeover bid for Riversdale Mining Ltd (ASX:RIV). Following the sweetened $16 per share offer, the coal miner has recommended that its shareholders accept the offer in the absence of a superior proposal. The acquisition will provide Rio access to Riverdale’s reserves in Africa especially a substantial coking coal development pipeline in Mozambique. Shares in Rio Tinto added 0.48 per cent today to close at $87.20.
Shares in Beach Energy Ltd (ASX:BPT) climbed today, following news the oil and gas producer has delivered better than expected results from its shale gas exploration program in the Cooper Basin. Beach Energy says the drilling results at its 90 per cent owned well are a best-case scenario. Beach Energy has also secured a 35 per cent interest for a permit in the in the Otway Basin, located in South Australia and valued at around $2.6 million. Shares in Beach Energy surged 7.41 per cent to close at $0.87.
Commonwealth Bank of Australia (ASX:CBA) says it has raised $570 million through its first offer of retail bonds.
Drillsearch Energy Ltd (ASX:DLS) and Innamincka Petroleum have scrapped plans for a friendly merger after key Innamincka shareholders voted down a proposed takeover by Drillsearch earlier this month.
Telstra Ltd (ASX:TLS) says it will write down $138 million in the first half ended December 2010 after a review of its China-based mobile content and services business, Octave.
SEEK Ltd (ASX:SEK) has launched a newly formed subsidiary, SEEK Asia, and also bought 60 per cent of Southeast Asian online employment firm JobsDB for $206 million.
In the best and worst performers: The best performing sector at close was Materials, with the index rising 94 points to close at 14,276. The worst performing sector was Utilities, the index falling 40 points to close at 4,396. The best performing stock in the S&P/ ASX200 was Beach Energy shares rallied 7.41% to close at $0.87. Shares in Spotless Group and Gindalbie Metals also advanced today. The worst performing stock was Duet Group shares lost 5.92% to close at $1.67. Shares in APA Group and CFS Retail Property Trust also closed in the red today.
In commodities, gold is trading at $US1,388 an ounce. And light crude is up $0.15 at $US90.63 a barrel. The Australian dollar buying $US1.0029.
