Shrugging off a soft start, the Australian share market clawed out of the red in afternoon trade to close 0.3 per cent higher today. Financials and resources firmed the local bourse in a day of broad consolidation across the board.
The S&P/ASX200 Index added 15 points to close at 4,711 while for the week it was 32 points lower. On the futures market, the SPI is up 25 points.
To the US and on Wall Street, the DOW Jones Industrial Average was up 57 points over the four trading days this week. The S&P 500 Index was up 8 point, NASDAQ was up 35 and the 100 Index was down 25.
Company news: BHP Billiton Ltd (ASX:BHP) has moved a step closer to securing board and government approval to expand its planned $30 billion uranium, copper and gold Olympic Dam mine in South Australia. The public will now be able to scrutinise the global miner’s environmental impact statement, after the government cleared the release of the statement. Pending approvals, a major investment decision on whether to proceed with the expansion is expected from BHP within the next 12 months. Shares in BHP Billiton firmed 0.43 per cent today to close at $44.32.
Australia’s corporate regulator has won the right to appeal a verdict involving a case against seven former James Hardie Industries (ASX:JHX) directors. The Australian Securities and Investments Commission has been granted special leave to appeal a decision from the New South Wales court of Appeal, based on a claim the company’s directors breached their duties by under-funding a compensation fund for victims of asbestos exposure. Shares in James Hardie Industries rose 4.36 per cent today to close at $5.50.
Shares in PaperlinX Ltd (ASX:PPX) slumped over 20 per cent today after the paper merchant confirmed it will post a full year net loss of up to $30 million, narrowing from a loss of $225 million the year before.
After weeks of threatening industrial action, Qantas Airways Ltd (ASX:QAN) employees today called off a strike planned for early next week and have promised not to strike over the next month in order for negotiations to continue.
To the best and worst performers and most in positive territory. Up the top was Real Estate Investment Trusts, rising 7 points to close at 852. The worst performing sector was Consumer Discretionary, losing 3 points to close at 1,431 points. The best performing stock in the S&P/ASX200 was Jamies Hardie shares gained 4.36 per cent to close at $5.50. Shares in Sundance Resources and Downer EDI ended the week stronger. The worst performing stock was PaperlinX, tumbling 21.15 per cent to close at $0.205. Shares in White Energy Company and AlacerGold also closed in the red today.
Commodities: Gold is trading at $US1,507 an ounce and is up $13.00 on the week. Light crude is up 33 cents at $US99.30 a barrel.
The Australian dollar is trading at $US1.0675 cents, and is down by a tenth of a cent for the week.
