The Aussie sharemarket closed 1.65 per cent higher; a barrage of economic news from China pleasing investors, and production and activities reports from the miners also pulling the ASX higher.
The S&P/ASX 200 Index gained 68.4 points to finish at 4,216. On the futures market, the SPI is 55 points higher.
Chinese economic news
From the National Bureau of Statistics: gross domestic product (GDP) was up 8.9 per cent in the fourth quarter, which is slightly better than the 8.7 per cent predicted by economists.
For the year, China's GDP grew 9.2 per cent, down only slightly from 9.4 per cent 2010.
Meanwhile, Industrial production in China rose 12.8 per cent in December from a year earlier; fixed-asset investment excluding rural households increased 23.8 per cent in 2011; retail sales in December rose 18.1 per cent from a year earlier; and China's urban population exceeded the number of rural dwellers for the first time, rising to 51.3 per cent of the nation's 1.3 billion people.
Australian economic news
Lending finance figures fell in November. The Bureau of Statistics says business lending declined a seasonally adjusted 9.6 per cent; and personal finance fell 7.8 per cent.
Company news
Rio Tinto Limited’s
(ASX:RIO) (LON:RIO) production report was released today: the miner’s global iron ore operations achieved record production figures of 65 million tonnes for the fourth quarter, and 245 million tonnes for the year of 2011. It has forecast iron ore output to be 240 million tonnes for the year. Shares in Rio closed 1.25 per cent higher at $65.70.
Shares in Australia’s third biggest miner after Rio and BHP Billiton
(ASX:BHP), Fortescue Metals Group,
(ASX:FMG) rose upon the release of its production report today. It said iron ore shipments for the December quarter rose 19 per cent from the previous quarter, to 14.8 million tonnes, beating its own guidance. Shares in Fortescue closed 3.9 per cent higher today at $4.80.
Paladin Limited
(ASX:PDN) shares closed more than 11 per cent higher today, after its quarterly activities report showed record production was reached at its mines.
OM Holdings
(ASX:OMH) says lower manganese ore prices and unfavourable foreign exchange movements have impacted its gross profit margin. It’s expecting a loss of $12 million for the year to December 2011.
Cape Lambert Resources
(ASX:CFE) has accepted an offer of up to $338 million from Exxaro Resources for its 19.99 per cent stake in African Iron Limited, bringing Exxaro’s stake of African Iron closer to its goal of 50 per cent.
Silverlake Resources Limited
(ASX:SLR) has reported a 186 per cent increase in half year pre-tax profit, to $24.6 million.
Best and worst performers
All sectors were in positive territory, energy was up 362 points to 13,623. The worst performing sector was utilities, up 22 points, closing at 4,633.
The best performing stock in the S&P/ASX200 was Goodman Fielder, it shot up 14.29 per cent to 48 cents. Shares in Paladin and Gindalbie also finished very strongly.
The worst performing stock was Ramelius; it closed 2.9 per cent lower at $1, followed by FKP Property and Fleetwood.
IPOs
Redgum Resources listed at 20 cents, opened at 15 cents and closed at 16 cents.
Commodities
The price of gold is $US1,658.70 an ounce and Light crude is up $1.54 at $US100.24 a barrel.
