The Australian share market has recovered from early losses to close slightly higher. The market made steady gains in the first half of the afternoon when the major miners were boosted by an increase in the iron ore price.
The S&P/ASX 200 index closed 5 points up to finish at 4,511. On the futures market, the SPI is currently 11 points higher.
Company news Whitehaven Coal Limited
(ASX:WHC) will close its Sunnyside mine in New South Wales indefinitely due to weak coal prices. The mine produces about 400,000 tonnes of coal annually, a production loss that Whitehaven will seek to offset by increasing production at its Werris Creek site, also in New South Wales. Shares in Whitehaven Coal remains in a trading halt, last trading at $3.20.
AMP Limited
(ASX:AMP) subsidiary AMP Capital has signed a deal with Westfield Group
(ASX:WDC) and Westfield Retail Trust
(ASX:WRT) to exchange stakes in some of the Australia’s largest shopping complexes.AMP Capital will acquire the Westfield company’s interests in three complexes for $1.02 billion, while Westfield will acquire AMP’s interests in four complexes for $710 million. AMP plans on investing $970 million into redeveloping two of its newly acquired shopping centres. Shares in AMP closed 0.86 per cent up at $4.69.
ANZ Banking Group
(ASX:ANZ) has lifted its annual net profit by 6 per cent to $5.7 billion in the year until the end of September.
Wesfarmers Limited
(ASX:WES) has recorded a moderate rise in first quarter sales across its retail divisions, with flagship Coles lifting total first quarter sales to $8.4 billion.
Mirvac Group
(ASX:MGR) has maintained its earnings guidance for the current financial year after achieving a strong portfolio occupancy in its first quarter.
APA Group
(ASX:APA) has increased its substantial holding in Hastings Diversified Utilities Fund
(ASX:HDF) to 82.7 per cent.
Best and worst performersThe best performing sector wasReal Estate investment trusts adding 15 points to close at 978. The worst performing sector was Materials, losing 36 points to close at 10,204.
The best performing stock in the S&PASX 200 was Arrium Limited
(ASX:ARI), rising 8.07 per cent to close at $0.87. Shares in Billabong International Limited
(ASX:BBG) and Aquila Resources Limited
(ASX:AQA) were also higher at market close.
The worst performing stock was St. Barbara Limited
(ASX:SBM), dropping 10.88 per cent to close at $1.93 Shares in Alacer Gold Corporation
(ASX:AQG) and Evolution Mining
(ASX:EVN) also finished the day lower.
CommoditiesGold is trading at $US1,708 an ounce. Light crude is $0.25 higher at $US85.98 a barrel. The Australian dollar is buying $US1.036.
