The Australian share market closed higher today, after a flat morning and steady climb after lunch on positive leads from Wall Street.
S&P/ASX200 Index closed 27 points higher at 4,297. On the futures market, the SPI is 24 points higher.
Eonomic news
RP Data’s home value index fell by 0.6 per cent in July. Home prices in capital cities fell 2.9 per cent over the past year.
Company news
BHP Billiton Limited (ASX:BHP) has approved the investment of a further $US367 million in the third stage of Newcastle Coal Infrastructure Group’s coal handling facility in Newcastle. BHP’s wholly-owned subsidiary Hunter Valley Energy Coal Pty Ltd already owns a 35.5 per cent stake in the facility. Shares in BHP Billiton Limited (ASX:BHP) ended the day 0.99 per cent higher at $39.74.
Cash Converters International Limited (ASX:CCV) shares fell by more than 28 per cent at one stage today, after pawn and payday lender EZCORP Inc said it finished its agreement to acquire a controlling stake in the company. EZCORP said the move by the federal government to cap small credit contract fees meant they weren’t going to go ahead with the deal, where they were to to buy about 76.6 million Cash Converters shares. Shares in Cash Converters International Limited (ASX:CCV) closed 3 per cent lower today at 48.5 cents.
Whitehaven Coal Limited’s (ASX:WHC) two biggest shareholders, First Reserve Corporation and AMCI International, have sold $390 million worth of shares, or about 13.15 per cent of the company, to institutions for $6 a share. The companies will remain Whitehaven’s two largest shareholders after the selldown, with 14.7 per cent and 9.7 per cent respectively.
Qantas Airways Limited (ASX:QAN) met today with the union representing its long-haul pilots in conciliation talks before Fair Work Australia to try to solve their ongoing dispute over pay and conditions. A new enterprise bargaining agreement has still not been reached after 12 months of negotiations and 35 meetings.
National Leisure and Gaming Limited (ASX:NLG) reported an annual loss of $51.5 million today. The operator of 35 pub leaseholds blamed the absence of major capital expenditure among the reasons for the loss. It won’t pay a dividend.
And New Hope Corporation Limited (ASX:NHC) says its full year profit, before non-recurring items, is likely to reach up to $150 million for the year to July 31, 2011. The Queensland-focused coal producer will release its final full year results on September 20, 2011.
Best and worst performers
The best performing sector was telcos, the index gaining 13 points to close at 1,041. The worst performing sector was utilities, losing 44 points to close at 4,496.
The best performing stock in the S&P/ASX200 was Medusa Mining (ASX:MML) shares gained 6.91 per cent to close at $8.05. Shares in Resolute Mining (ASX:RSG) and Beach Energy (ASX:BPT) also gained today.
The worst performing stock was Perpetual (ASX:PPT), shedding 7.31 per cent to close at $25.35. Shares in Whitehaven Coal (ASX:WHC) and Spark Infrastructure (ASX:SKI) also fell today.
Commodities
Gold is trading at $US1,833 an ounce and Light crude is down by 18 cents to $US88.72 a barrel.
