The Australian share market closed up .4 per cent, its first rise in three days. It opened slightly higher with strong commodity prices picking up the miners. It traded in the red around midday, and gained strength in the afternoon session.
The S&P/ASX200 Index rose 19 points to close at 4,515. On the futures market, the SPI is up 22 points.
Economic news
The Bureau of Statistics released lending finance figures for May today. They showed us that the total value of owner-occupied housing commitments excluding alterations and additions rose 0.1 per cent; the seasonally adjusted series for the value of total personal finance commitments rose 3.8 per cent; revolving credit commitments rose 6.4 per cent; the seasonally adjusted series for the value of total commercial finance commitments rose 8.7 per cent; and fixed lending commitments rose 9.0 per cent, after an 11.2 per cent fall in the previous month.
Company news
Coal and Allied, (ASX:CNA), which is 76 per cent-owned by Rio Tinto (ASX:RIO) said coal production in the June quarter rose 13 per cent on the previous quarter, to 5.25 million tonnes. The company said the impact of the Japanese disaster had affected some coal shipments during the second quarter. Rio Tinto (ASX:RIO) shares were down 0.59 per cent at the end of the day, to close at $80.95.
An Aquila Resources (ASX:AQA) spokesman has blamed an ongoing marketing dispute between the company and fellow miner Vale for a 200,000 tonne loss in shipments of steel-making coal from the jointly-owned Isaac Plains mine. Even though production has continued after flooding in Queensland’s coal belt, Aquila and Vale haven’t been able to sell coal since November without the threat of either side taking legal action. Shares in Aquila Resources (ASX:AQA) rose 3.85 per cent to close at $7.02.
Macquarie Group (ASX:MQG) saw a drop of more than 9 per cent in shares yesterday, and today, analyst said the company may need to restructure and redeploy capital before it is re-rated by the market.
Reports out of British newspapers say National Australia Bank (ASX:NAB) is seeking more time to put in an indicative bid for the 632 Lloyds branches that are on sale. The Aussie bank is regarded as one of the most credible bidders, because it’s got the infrastructure required to take on extra branches.
Nufarm Limited (ASX:NUF) expects its full year underlying net operating earnings, to be at least $30 million more than the year before.
And Energy Resources of Australia Limited (ASX:ERA) says it expects to increase its full year uranium oxide production by 8.3 per cent to 2,600 tonnes.
Sectors and stocks
The best performing sector today was healthcare, rising 199 points to close at 8,448. The worst performing sector was consumer discretionary, losing 5 points to close at 1,324.
The best performing stock in the S&P/ASX200 today was Sundance Resources (ASX:SDL) shares rising 7.46 per cent to close at $0.36. Shares in Mirabela (ASX:MBN) and Perseus (ASX:PRU) also closed in positive territory today.
The worst performing stock was Beach Energy (ASX:BPT), shedding 5.05 per cent to close at 94 cents. Shares in Energy World (ASX:EWC) and Gindalbie (ASX:GBG) also closed weaker today.
Commodities
Gold is trading at $US1,566 an ounce and Light crude is 4 cents higher at $US97.47 a barrel.
