Following promising US economic news, the Australian share market opened higher and edged around the 4,300 level for most of the day before closing 0.8 per cent up. Today, the S&P/ASX 200 index was 38 points higher to finish at 4,301. On the futures market, the SPI is currently 44 points up.
Company news
Beach Energy Limited (ASX:BPT) has announced a $345 million capital raising. The funds raised will be used together with existing operating cash flow and other capital resources to fund exploration projects in the Cooper Basin in South Australia, Egypt and Tanzania. The oil and gas explorer requested a trading halt today, until the start of trade on 29th March. Shares in Beach Energy last traded at $1.575.
The world’s third largest miner, Rio Tinto Limited (ASX:RIO) is reviewing its diamond business with a potential to divest its interests. Rio is considering whether a change in ownership structure could create more value in its business. Rio operates three diamond mines including Argyle, Diavik in Canada and Murowa in Zimbabwe. Shares in Rio closed 0.55 per cent up at $64.10.
Coal explorer Aquila Resources Limited (ASX:AQA) says its wholly owned subsidiary, IP Coal Pty Ltd has reached a resolution with Vale Australia.
Nufarm Limited (ASX:NUF) has increased its net profit after tax to $18 million for the half year ending 31st January this year, compared to a $4 million profit for the same period last year.
Leighton Holdings Limited (ASX:LEI) has requested a trading halt until the start of trade 29th March, pending reviews of its key projects.
James Hardie Industries (ASX:JHX) says it will pay an early contribution of $132.3 million to Asbestos Injuries Compensation Fund (AICF). Earlier this month, James Hardie was awarded $369.8 million after the High Court dismissed an appeal by the Australian Taxation Office.
Best and worst performers
The best performing sector was Health Care adding 122 points to close at 8,495. The worst performing sector was Utilities, losing 2 points to close at 4,836 points.
The best performing stock in the S&PASX 200 was Ramelius Resources Limited (ASX:RMS) rising 9.09 per cent to close at $0.84. Shares in Boart Longyear (ASX:BLY) and Sundance Resources Limited (ASX:SDL) closed higher.
The worst performing stock was Mirabela Nickel Limited (ASX:MBN), dropping 7.5 per cent to close at $0.74. Shares in Stockland (ASX:SGP) and White Energy Company Limited (ASX:WEC) also closed lower.
Commodities
Gold is trading at $US1,689 an ounce. Light crude is $0.26 down at $US106.77 a barrel. The Australian dollar is buying $US1.0521 cents.
