Following positive leads the Australian share market opened higher and dipped before noon, but again lifted to close 0.7 per cent up.
The S&P/ASX 200 index was 27 points up to finish at 4,171. On the futures market, the SPI is currently 24 points up.
Economic news
The Australian Bureau of Statistics Labour force data for February 2012, was released today. Australia’s jobless rate rose to 5.2 per cent in February from 5.1 per cent in January. The economy lost more than 15,000 jobs last month.
Company news
BHP Billiton Limited (ASX:BHP) is looking to avoid a write-down on its shale gas facility, as it struggles against weakening gas prices. UBS resource analysts say a shift in drilling from dry to wet gas, could be a solution in sustaining its value. Shares in BHP closed 0.73 per cent up at $34.30.
Ivanhoe Australia Limited (ASX:IVA) announced today it has commenced its first production of copper and gold at its Osborne processing facility in north-western Queensland. Shares in Ivanhoe closed down 0.27 per cent at $1.82.
Pacific Brands Limited (ASX:PBG) share price has stumbled recently on news of India’s ban on cotton exports along with a delay in takeover talks with Kohlberg Kravis Roberts.
Galaxy Resources Limited (ASX:GXY) announced today the official opening of its Jiangsu lithium carbonate plant in China.
Andrew Forrest chairman and founder of Fortescue Metals Group Limited (ASX:FMG) has been listed on the Forbes rich list today with a net worth of $US5.3 billion.
Shares in TNG Limited (ASX:TNG) lifted today after it announced it has agreed in-principle to share its Melville Island exploration licence with Rio Tinto Limited (ASX:RIO).
Best and worst performers
The best performing sector was Energy adding 236 points to close at 13,993.
The worst performing sector was Health care, losing 13 to close at 8,015 points.
The best performing stock in the S&PASX 200 was NRW Holdings, rising 5.95 per cent to close at $3.74. Shares in OneSteel and Monadelphous Group also closed higher.
The worst performing stock was Intrepid Mines, dropping 12.29 per cent to close at $1.04. Shares in Kagara and Seven West Media also closed lower.
Commodities
Gold is trading at $US1,688 an ounce.
Light crude is $0.29 up at $US106.45 a barrel.
