The Aussie sharemarket was up more than one per cent at close on what’s been dubbed the ‘Apple Effect’; after Apple reported better than expected earnings pushing markets up around Asia.
The S&P/ASX 200 Index gained 47 points to finish at 4,271. On the futures market, the SPI is 47 points higher.
Economic news
Consumer prices missed expectations in the fourth quarter. The Bureau of Statistics consumer price index showed no change in the headline rate during the December quarter, compared with a 0.6 per cent rise in the previous quarter. Analysts were expecting a rise of 0.2 per cent.
Job advertisements on the internet fell by three per cent in December compared with a month earlier. The Department of Education, Employment and Workplace Relations internet vacancy index was 84.1 points, 8.7 per cent lower in seasonally-adjusted terms than in December 2010.
And
The Westpac-Melbourne Institute leading index, which predicts the growth rate of the Australian economy three to nine months into the future, was 1.6 per cent in November, below its long-term trend of 2.9 per cent.
Company news
Alacer Gold Corporation
(ASX:AQG) was the top 200’s worst performer today, after posting quarterly production results and guidance. The gold producer says production rose one per cent in the December quarter from the quarter before, while full year production exceeded guidance, coming in just over 421,000 ounces. Shares in Alacer Gold closed 9.95 per cent lower at $9.32.
Rio Tinto Limited
(ASX:RIO) has raised its stake in Ivanhoe Mines Limited to 51 per cent, through a $C302 million deal that has raised Rio's holding by two per cent ? enough to bump it over the 50 per cent mark. Rio closed the day flat, at $68.35.
Whitehaven Coal Limited
(ASX:WHC) increased its production by two per cent in the December quarter, but says sales fell. The miner produced 1.11 million tonnes of coal in the quarter, up from 1.09 million tonnes in the same period in the previous year.
Atlas Iron Limited
(ASX:AGO) has reduced its forecast for the amount of iron ore it will ship in the year to June 30 to a range of 5.5 to 5.7 million tonnes, because of the impact of Tropical Cyclone Heidi. That’s down from the previous target of six million tonnes.
Grocery wholesaler Metcash Limited
(ASX:MTS) won’t make a final decision on whether to buy out the remaining half of the Mitre 10 hardware chain, until it takes more time to judge the effect of Woolworths Limited
(ASX:WOW) entry into the hardware sector, according to Fairfax Media reports.
Asciano Limited
(ASX:AIO) is looking for a new boss of its rail freight business following the resignation of Chris Keast after just over two years in the role. A spokeswoman told media Mr Keast doesn’t have plans to go to another job after he leaves in September.
Best and worst performers
Financials excluding real estate investment trusts was up 103 points to 4,673. The worst performing sector was utilities, down 6 points, closing at 4,629.
The best performing stock in the S&P/ASX200 was Kagara, up 7.35 per cent at 36.5 cents. Shares in Lynas and Boart also finished stronger today.
The worst performing stock was Alacergold as we saw earlier, followed by Mirabela and Aurora Oil.
Commodities
The price of gold is $US1,666.80 an ounce and Light crude is up 10 cents to US$99.05 a barrel.
