After a strong open, the market traded within a 50 point range picking up steam towards the close.
The S&P/ASX200 Index closed 66 points higher at 4,072. On the futures market, the SPI is up 71 points.
Economic news
Data from the Bureau of Resources and Energy Economics shows the value of Australia’s resources and energy exports jumped to a record $175 billion last financial year, an increase of 27 per cent.
Company news
Rio Tinto Limited (ASX:RIO) will invest $US833 million to expand its Pilbara operations in Western Australia. The mining giant is set to invest more than half of that amount upgrading its power and gas network, and the remainder on fuel infrastructure. The expansion is needed to support Rio’s iron ore production target of 283 million tonnes a year by 2013. Rio shares gained 1.51 per cent, to close at $69.38.
Myer Holdings (ASX:MYR) flags a 10 per cent fall in net profit for the 2012 financial year and flat sales. Net profit for the 12 months ending July fell to $162.7 million, down from $168.7 million the year before. Sales slumped by almost 4 per cent. The retailer describing trading conditions as “extremely challenging”. Myer will pay a fully franked final dividend of 11.5 cents, taking its full year dividend to 22.5 cents. Myer shares gained 1.94 per cent, to close at $2.10 cents.
National Australia Bank Limited (ASX:NAB) tips the RBA will lift interest rates in November 2012, instead of May.
Westpac Banking Corporation’s (ASX:WBC) Bank of Melbourne’s Twitter account is hacked, sending direct messages to followers in an attempt to compromise customer accounts
Amcor Limited (ASX:AMC) seeks shareholder approval to issue in excess of 2 million performance rights and options to its chief executive. In 2011 Ken MacKenzie received $6.4 million in remuneration.
And Lend Lease Group (ASX:LLC) tipped to benefit from US mall giant Simon Property Group buying out its partners to win control of Pennsylvania’s King of Prussia Mall, according to the Wall Street Journal.
Best and worst performers
All sectors closed in positive territory today. The best performing sector was Energy, gaining 336 points to close at 12,710. The sector with the smallest gains was Consumer Staples, rising 86 points to close at 7,359.
The best performing stock in the S&P/ASX200 was Sundance Resources, lifting 13.16 per cent to $0.43. Shares in Sigma Pharmaceuticals and Beach Energy also finished the day stronger. The worst performing stock was Kingsgate Consolidated losing 3.69 per cent to close at $7.83. The Reject Shop and St Barbara also closed lower.
Commodities
Gold is trading at $US1,811 an ounce. Light Crude is down $0.42 to $88.49 a barrel.
