The Aussie sharemarket lifted at open and stayed at near session highs all day, closing 0.85 per cent higher.
The S&P/ASX 200 Index gained 35 points to finish at 4,188. On the futures market, the SPI is 38 points higher.
Economic news
The Bureau of Statistics says the total number of Australian job vacancies for November fell 0.8 per cent to 182,200.
Company news
Rio Tinto Limited
(ASX:RIO) and Fortescue Metals Group
(ASX:FMG) have suspended iron ore loading operations as Category 1 Cyclone Heidi makes its way towards the western Australia coast. Both companies say although their mines located inland from the coastline are experiencing heavy rainfall, they’re still operating. Santos
(ASX:STO) has also shut its oil production from its Mutineer-Exeter oil field, and Woodside
(ASX:WPL) has shut production from several oil fields. Fairfax Media’s weatherzone says the cyclone is expected to cross the Pilbara coastline near Port Headland early tomorrow morning and as the system approaches, rainfall figures are mounting. Shares in Fortescue closed 2.63 per cent higher at $4.69.
African Iron Limited
(ASX:AKI) shares soared 35 per cent today after South Africa's Exxaro Resources (PINK:EXXAF) made a takeover offer worth up to A$0.57 a share, or A$338 million (US$349 million). Exxaro has already lined up a 19.9 per cent stake from African Iron's top shareholder, Cape Lambert Resources
(ASX:CFE). African Iron closed the day 40 per cent higher, at $0.56.
Pacific Brands Limited
(ASX:PBG) has refused to grant private equity group Kohlberg Kravis Roberts exclusivity in discussions about a possible buy of the retailer and manufacturer, according to Fairfax Media reports. This leaves the door open for another suitor to step forward with a takeover offer.
BHP Billiton Limited
(ASX:BHP) reached its highest share price since December 12, after copper surged more than three per cent offshore. The surge was driven by stronger-than-expected Chinese Imports.
The Namibian Competition Commission has approved the possible acquisition of control of Extract Resources Limited
(ASX:EXT) (TSX:EXT) (NSX:EXT) by Taurus Minerals Limited, who has been given the green light by the Australian Securities and Investments Commission (ASIC) to acquire an interest of more than 20 per cent of Extract’s shares provided it makes a downstream offer.
Starpharma Holdings Limited
(ASX:SPL) (OCTQX:SPHRY) has received binding agreement from the Food and Drug Administration on the design of its phase three clinical studies of its lead product VivaGel.
Best and worst performers
Materials was up 178 points to 11,089.5. The worst performing sector was telcos, down 20 points, closing at 1,135.
The best performing stock in the S&P/ASX200 was White Energy, up 10.81 per cent at $0.41. Shares in Mineral Deposits and Mesoblast also finished stronger today.
The worst performing stock was Car Sales, it closed 4.21 per cent lower at $4.78, followed by Qantas and Telstra.
Commodities
The price of gold is $US1,636.58 an ounce and Light crude is down $0.45 to US$101.79 a barrel.
