The Australian sharemarket has ended the day in positive territory. There was plenty of relief buying today, particularly in insurers, given the impact of Cyclone Yasi was less devastating than first feared.
The S&P/ASX200 Index rose 24 points to close at 4,821. On the futures market, the SPI is 19 points higher.
Economic news: The Australian Federal Chamber of Automotive Industries has reported sales of new vehicles fell 1.7 per cent in January from the same month last year. That’s a fall of 1,280 vehicles to stand at 73,584. Australia’s service sector was sluggish in January, according to the Australian Industry Group and Commonwealth Bank. The overall performance of services index (PSI) edged down 0.9 points to 45.5. The Australian Bureau of Statistics has reported the country’s trade surplus of nearly $2 billion in December.
Company news: Qantas Airways Ltd (ASX:QAN) has raised their fuel surcharge. Australia’s largest carrier says rising oil and jet fuel prices have forced the surcharge increase by more than 50 per cent for some international tickets. The fuel charges for one-way tickets booked on or after February 19 for the UK and Europe will increase to $145, up from the current $95. Flights to the USA, Canada, South America, India and South Africa will go up to $115 compared with the current $85 surcharge. Travellers to Asia and the Pacific will pay $75, an increase of $20. Shares in Qantas rose 3.85 per cent to close at $2.43.
Crane Group Ltd (ASX:CRG) is seeking a tax ruling on its takeover dividend. The plumbing supplies maker says it can’t guarantee a favourable ruling on the special dividend to be paid as part of a takeover by Fletcher Building. Shares in Crane Group advanced 0.1 per cent to close at $10.00.
Sheffield Resources Ltd (ASX:SFX) has secured two iron ore tenements in the tightly-held Pilbara region of Western Australia.
Atlas Iron Ltd (ASX:AGO) reported a 24 per cent increase in its direct shipping ore resources in Western Australia.
News Corporation (ASX:NWS) has reported a 152 per cent jump in second quarter earnings, Chief Executive Rupert Murdoch says the growth is due to the stellar performance of the company’s global television channels.
Tabcorp Holdings Ltd (ASX:TAH) lifted first half net profit by 2.9 per cent to $265.5 million thanks to improved performance from its casinos, wagering and gaming units. In the best and worst performers: The best performing sector at close was Real Estate Investment Trusts, with the index rising 12 points to close at 880. The worst performing sector was Consumer Staples, the index falling 26 points to close at 7,870.
The best performing stock in the S&P/ASX200 was Equinox Minerals, shares advanced 7.59% to close at $6.66. Shares in Atlas Iron and AWE also gained today. The worst performing stock was White Energy Company, shares slid 3.11 per cent to close at $3.12. Shares in OceanaGold Corporation and Nufarm also closed weaker today.
In commodities, gold is trading at $US1,333 an ounce. Light crude is up $0.59 to $US91.45 a barrel.
