The Australian share market rose at open and gained throughout the day before closing more than 1 per cent higher ahead of the US Federal Reserve interest rates decision this evening.
Today, the S&P/ASX 200 index was 51 points up to finish at 4,248. On the futures market, the SPI is currently 51 points up.
Economic news
The Australian Bureau of Statistics (ABS) has released housing finance data for January 2012, which shows a decline of 1.2 per cent in home loan approvals. The ABS recorded total housing finance by value fell 2.3 per cent in January, seasonally adjusted to $20.73 billion.
National Australia Bank Limited (ASX:NAB) released its monthly business survey for February. The NAB reported business confidence index dropped to 1 from 4 in January.
Company news
Macquarie Group Limited (ASX:MQG) has had its ratings downgraded from A to A- by Fitch Ratings. Fitch says, the ratings change does not reflect any developments specific to Macquarie, but result from a broad global review. Shares in Macquarie Group closed 1.6 per cent up at $26.67.
Intrepid Mines Limited (ASX:IAU) has dropped after RBC Capital Market analyst Geoff Breen, downgraded the gold mining company to “sector perform” from “outperform” with a 12 month target price of $0.80 a share. Shares in Intrepid closed 4.71 per cent down at $0.91.
Tasmanian timber company Gunns Limited (ASX:GNS) has extended its trading halt today as capital raising discussions continue.
Sensis chief, Bruce Akhurst announced his resignation today following Telstra Corporation’s Limited (ASX:TLS) efforts last year to bring the struggling directories business, under its management.
Senex Energy Limited (ASX:SXY) has posted a first-half net profit of $1.9 million, on the back of a surge in oil production in the South Australia Copper Basin.
Funtastic Limited (ASX:FUN) has secured a three year international license from the LEGO Group to manufacture and distribute certain LEGO licensed products throughout Australia and globally.
Best and worst performers
The best performing sector was Utilities adding 89 points to close at 4,672.
The sector with the smallest gains was Energy, up 22 points to close at 14,179.
The best performing stock in the S&PASX 200 was Energy Resources of Australia rising 8.71 per cent to close at $1.31 Shares in Acquarius Platinum and QBE insurance also closed higher.
The worst performing stock was Saracen Mineral Holdings Limited, dropping 5.74 per cent to close at $0.58. Shares in Kagara and Intrepid mines also closed lower.
IPOs
Indus Coal Limited (ASX: ICZ) started trading today. The Indonesian coal business listed at $0.20, started trading at $0.25 and closed at $0.275.
Commodities
Gold is trading at $US1,704 an ounce.
Light crude is $0.71 up at $US107.05 a barrel.
