The Australian share market has recovered from its fourth consecutive lower opening to close 0.52 per cent up, boosted by news of a sizable cash injection into the money market by China’s central bank which eased investor fears surrounding the European debt crisis.
The S&P/ASX 200 index closed 23 points up to finish at 4,384. On the futures market, the SPI is currently 18 points up.
Company news
Whitehaven Coal limited (ASX:WHC) has responded to speculation that mining magnate Nathan Tinkler is preparing to spill the board in an effort to gain greater control of the company. CEO Tony Haggarty says no Whitehaven director had been approached by Mr Tinkler, a claim that has been supported by the miner’s chairman Mark Vaile. Shares in Whitehaven Coal closed today 1.41 per cent up at $2.88.
The annual report of Wesfarmers Limited (ASX:WES) has revealed that Coles managing director Ian Mcleod’s pay package came in below the $15 million mark. The report indicated Mr McLeod’s annual income has been reduced by $820 thousand from last year, totalling $14.8 million due to a significant drop in his cash bonus. It remains to be seen whether the reduced figure will be immune to the heavy criticism levelled at the supermarket boss’ 2011 earnings, which were declared excessive by politicians and investors. Shares in Wesfarmers closed 0.26 per cent up at $34.58.
Woolworths Limited (ASX:WOW) has offloaded 100 per cent of its Dick Smith electronics arm to private equity firm Anchorage Capital Partners for $20 million, and also intends to sell the India based Woolworths Wholesale for $35 million.
Syrah Resources Limited (ASX:SYR) has upgraded the graphite carbon concentrate of its Balama project to 97%. The mineral explorer says that the potential exists to produce sufficient graphite to meet any projected global shortages.
Funtastic Limited (ASX:FUN) expects further growth in the year ahead after posting a full year net profit of $10.4 million, rebounding from a $38 million loss last year.
Metcash Limited (ASX:MTS) CEO Andrew Reitzer will step down from his role on June 30th, 2013, continuing as a strategic consultant to its board for a period of three years after his resignation date
Best and worst performers
The best performing sector was Health Care which added 114 points to finish at 10,432.The worst performing sector was Consumer Discretionary, losing 4 points and closing at 1,241.
The best performing stock in the S&PASX 200 was Lynas Corporation Limited (ASX:LYC), rising 5.96 per cent to close at $0.80. Shares in Troy Resources Limited (ASX:TRY) and Arrium Limited (ASX:ARI) also closed higher.
The worst performing stock was Macquarie Atlas Roads Limited (ASX:MQA), dropping 4.73 per cent to close at $1.51. Shares in Seven West Media Limited (ASX:SWM) and CuDeco Limited (ASX:CDU)were also lower at market close.
Commodities
Gold is trading at $US1,760 an ounce. Light crude is $0.31 up at $US90.29 a barrel.
The Australian dollar
The Australian dollar is buying $US1.041.
