Following positive leads the Australian share market rose today to finish up 1.23 per cent, boosted by the energy, materials and healthcare sectors. The S&P/ASX200 Index closed 55 points higher at 4,530. On the futures market, the SPI is up 48 points.
Economic news
A coalition-dominated senate committee has recommended that parliament not support the "deeply flawed" and "poorly designed" minerals resource rent tax (MRRT), and has also reccomended an expansion of the existing petroleum resource rent tax (PRRT). In a report released today, the committee said both taxes would impose more economic distortions than existing royalty arrangements.
Company news
Gindalbie Metals Ltd (ASX:GBG) is set to raise funds from shareholders to finance its Karara iron ore project. The company said today costs had blown out to $2.57 billion, but its major shareholder, Ansteel, would also support the raising. Shares in Gindalbie Metals Ltd (ASX:GBG) rose 0.58 per cent today, closing at $0.86.
Transfield Services (ASX:TSE) will make a joint bid with Veolia Transdev to run ferry services on Sydney Harbour. Transfield’s CEO Peter Goode said the company wants to help the state government improve public transport. The company also has joint ventures with Transdev in Brisbane City Ferries, Sydney's Shorelink buses and Melbourne's Yarra Trams. Shares in Transfield Services (ASX:TSE) closed the day 0.62 per cent higher at $3.26.
Australia's largest waste management company Transpacific Industries (ASX:TPI), today forecasted a steep annual loss after writing down the value of its manufacturing and New Zealand divisions.
Fortescue Metals Group (ASX:FMG) boss Andrew Forrest has partially backed a call by the greens today for a greater share of ownership of the mining industry by Australians. He also said the government's new mining tax unfairly favoured foreign mining giants over local start-ups.
Shares in Asciano Ltd (ASX:AIO) rose today after the ports and rail operator said it extended its coal haulage deal with Rio Tinto Ltd’s (ASX:RIO) subsidiary Coal & Allied Industries Ltd.
And Downer EDI Ltd (ASX:DOW) has also secured a contract worth more than $50 million for work at Rio Tinto Ltd’s (ASX:RIO) Warrambool infrastructure project in WA.
Sectors
The best performing sector was energy, adding 370 points to close at 14,751. The worst performing sector was Telco services, losing 6 points to close at 992.
Stocks
The best performing stock in the S&P/ASX200 was Infigen Energy (ASX:IFN), shares rose 8.33 per cent to close at $0.325. Shares in Resolute Mining Ltd (ASX:RSG) and Cudeco Ltd (ASX:CDU) also closed in higher today.
The worst performing stock was Energy World Corporation (ASX:EWC) falling 4 per cent to close at $0.48. Shares in Macmahom Holdings Ltd (ASX:MAH) and Myer (ASX:MYR) also closed lower today.
Commodities
Gold is trading at $US1,505 an ounce and Light crude is up by $0.06 cents at US$92.95 a barrel.
