After a strong start to the day, the Australian share closed higher, up 0.15 per cent at the end of the day. The Real Estate and Investment Trusts, Materials and Industrials sectors pulled the market up.
The S&P/ASX200 Index finished 7 points higher at 4,605. On the futures market, the SPI is 1 point higher.
Company news
Virgin Australia (ASX:VBA) may be flying planes on oil sourced from eucalypt trees. The airline has formed a venture with Dynamotive Energy Systems and closely-held Renewable Oil, that aims to turn eucalypt trees into jet fuel. Virgin said the consortium would use technology used in biofuel plants in Canada to process Mallee eucalypt trees, and that a commercial-scale plant could be operational by 2014. Shares in Virgin Australia (ASX:VBA) were flat at the end of the day, at $0.315.
A group of fishermen have criticised BHP Billiton’s (ASX:BHP) environmental assessment of its proposed desalination plant on South Australia’s upper Spencer Gulf, and have come back with a report of their own. The Spencer Gulf and West Coast Prawn Fishermen's Association said BHP's conclusion that there will be no effects on the local ecosystem is unjustifiable, and the discharge of hypersaline water into the Gulf could damage the local prawn industry. Shares in BHP Billiton (ASX:BHP) today gained 0.5 per cent to close at $44.45.
Fortescue Metals Group (ASX:FMG) has signed an agreement with the earthmoving equipment company Caterpillar for remotely-operated mining technology at its Solomon iron ore mine, which is expected to have about 45 autonomous trucks in use by 2015.
Woolworths Ltd (ASX:WOW) and Wesfarmers-owned Coles truck drivers are threatening to strike if Labor doesn’t address rising fuel costs under the carbon tax. The Transport and Worker’s Union (TWU) said road safety will worsen if independent truck drivers are forced to drive longer distances to make ends meet.
Telstra Corporation Ltd (ASX:TLS) has appointed a new Chief Customer Officer for its Customer Sales and Service division and a new Group Managing Director for its Wholesale division as it prepares for the National Broadband Network (NBN).
Elders Ltd (ASX:ELD) said the live cattle export suspension to Indonesia may cost the agribusiness up to $7.3 million in the current financial year.
Sectors and stocks
The best performing sector was Real Estate Investment Trusts, rising 9 points to close at 841. The worst sector today was Healthcare, losing 56 points to close at 8,369.
The best performing stock in the S&P/ASX200 was Murchison Metals (ASX:MMX), shares gained 14.78 per cent to close at $0.66. Shares in Gryphon (ASX:GRY) and OneSteel (ASX:OST) also closed higher today.
The worst performing stock was Adelaide Brighton Ltd (ASX:ABC) falling 3.55 per cent to close at $2.99. Shares in Seven Group (ASX:SVW) and Australand (ASX:ALZ) also closed lower today.
Commodities
Gold is trading at $US1,516 an ounce and Light crude is up by $0.80 cents to $US97.69 a barrel.
