The Australian share market closed almost half a per cent higher today, with most sectors in positive territory. The big four banks finished higher following National Australia Bank Ltd
(ASX:NAB) boosting its first quarter cash profit.
The S&P/ASX200 Index rose 22 points to close at 4,890. On the futures market, the SPI is 22 points higher.
Company news: Share prices shot up over 13 per cent today for CGA Mining Ltd (ASX:CGX). The company says the first half net profit is expected to be 400 per cent higher than the prior first half. CGA expects the figure to be released later this week, at around $39 million, which was well above the previous first half net profit, of just over $7.5 million. Shares in CGA Mining closed 11.67 per cent higher at $3.35.
Australian energy company Santos Ltd (ASX:STO) has seen a 25 per cent increase in reserves for its gas export joint venture. Santos says the new funding jump for the $15.78 billion project has strengthened its ability to build two, liquefied natural gas processing units. Shares in Santos closed 0.78 per cent lower at $13.96.
Paint supplier, Dulux Group Ltd (ASX:DLX) says it expects an increase in demand as repairs and rebuilding begins in flood affected Queensland areas.
UGL Ltd (ASX:UGL) has secured around $225 million worth of passenger, freight supply and maintenance contracts, from companies including Xstrata and Rio Tinto.
National Australia Bank has gone over market expectations to reveal an 18 per cent lift in first-quarter cash profit.
Macquarie Group Ltd (ASX:MQG) has warned that it expects its second-half profit to fall by 5 per cent from the year before.
In the best and worst performers: The best performing sector at close was Financials Excluding Real Estate Investment Trusts with the index rising 51 points to close at 5,331. The worst performing sector was Consumer Discretionary falling 12 points to close at 1,529. The best performing stock in the S&P/ ASX200 was Elders shares gained 9.57 per cent to close at $0.63. Shares in Intrepid Mining and Anatolia Minerals Development also closed stronger today. The worst performing stock was Bradken shares slid 5.16 per cent to close at $8.82. Shares in Eastern Star Gas and Gyndalbie Metals also dropped today.
In commodities, gold is trading at $US1,351 dollars an ounce. Light crude is down 11 cents to $US87.37 a barrel.
