The Australian share market closed in the black today, pulled up by the banks and the miners, Rio Tinto posting a 34 per cent lift in fourth quarter production.
The S&P/ASX200 Index gained 71 points to close at 4,795. On the futures market, the SPI is 72 points higher.
Economic news: Australia’s jobless rate has fallen to a two year low. The Australian unemployment rate decreased by 0.2 percentage points to 5 percent in December last year. The rise was driven by 1,700 full time positions and 600 part time jobs. The number of people unemployed decreased by 25,000 to just under 600,000 for the month of December.
Company news: Energy Resources of Australia Ltd's (ASX:ERA) uranium oxide production fell by 46 per cent in 2010 due to lower mill head grade. ERA says following an above average wet season in the first half of the year, access to higher grade ore was re-established in the December 2010 quarter. Shares in Energy Resources of Australia closed 5 per cent higher at $11.98.
QR National (ASX:QRN) has described the Queensland floods as colossal, issuing a statement warning of the impact they are having on operations. The floods continue to prevent the smooth running of coal services west of Brisbane and freight services north from Gladstone. QR National says it is working closely with all parties in the coal export supply chain to maximise throughput. Shares in QR National closed 2.24 per cent higher at $2.74.
Macmahon Holdings Ltd (ASX:MAH) says a number of its mining and construction projects in Queensland have been impacted by severe weather conditions particularly near Chinchilla.
Wotif.com Holdings Ltd (ASX:WTF) says the only potential reason for the sudden drop in its share price could be speculation concerning the impact of the Queensland floods on the travel industry.
Santos Ltd (ASX:STO) says the Gladstone Liquid Natural Gas partners have approved the development of the $US16 billion project in Queensland.
Insurance Australia Group Ltd (ASX:IAG) has received nearly 2500 claims this year resulting from the Queensland floods, but says it’s too early to determine the claim costs.
In the best and worst performers: The best performing sector at close was Materials, with the index firming 259 points to close at 14,264. The sector with the smallest gains was Telco Services, the index gaining 9 points to close at 990. The best performing stock in the S&P/ASX200 was Henderson Group as shares improved 11.63 per cent to close at $2.40. Shares in Karoon Gas Australia and Intrepid Mines also gained today. The worst performing stock was Equinox Minerals down by 1.95% to $6.03. Shares in OceanaGold Corporation and Ten Network Holdings also closed weaker today.
In commodities, gold is trading at US$1,385 an ounce and light crude is up $0.02 to $US91.88 a barrel.
