The Australian share market ended 0.4 per cent stronger today, lifting to the highest close this year. Investors remained optimistic as US budget talks progress but stayed cautious ahead of a US Federal Reserve two-day monetary policy meeting. Stronger commodity prices boosted the mining sector 0.9 per cent with BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Fortescue Metals Group Limited
(ASX:FMG) all ending higher.
Figures The S&P/ASX 200 index gained 18 points to finish at 4,576.
The value of trades was $3.6 billion on volume of 690 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is currently 13 points higher.
Economic news Consumer confidence has fallen to GFC (global financial crisis) lows while business conditions were unchanged last month. National Australia Bank Limited
(ASX:NAB) has reported business confidence sank to -9 in November, from -1 the month before, to the lowest level since April 2009.
Company news
Lynas Corporation Limited
(ASX:LYC) entered into a trading halt today amid reports the Malaysian government has requested the rare earths producer exports the waste generated from its facility. Four Malaysian government ministers are understood to have threatened to suspend or revoke Lynas’ licence to produce if the miner fails to comply. Shares in Lynas Corporation last traded at $0.605.
A Lend Lease Group
(ASX:LLC)-led consortium has scored the right to construct a convention centre and residential complex at Sydney's Darling Harbour. Work on the project is expected to start this month and will include a hotel, residential apartments, student accommodation, retail, public and commercial spaces. Shares in Lend Lease Group gained 2.15 per cent today, closing at $9.03.
Shares in Transfield Services Limited
(ASX:TSE) rose 3 per cent after securing $140 million of contracts including maintenance work for Woodside Petroleum Limited’s
(ASX:WPL) Western Australian offshore oil and gas facilities.
Shares in Cardia Bioplastics Limited
(ASX:CNN) surged 50 per cent after the packaging supplier scored an exclusive supply contract into China worth $1.2 million per annum.
Shares in Downer EDI Limited
(ASX:DOW) lifted 5 per cent after the engineering firm announcing it has settled a legal dispute for about $40 million relating to a tunnel contract in Singapore.
Shares in Alacer Gold Corp.
(ASX:AQG) rose 3 per cent today after reports emerged the gold mining company is becoming an increasingly attractive takeover target valued at up to $2 billion.
Best and worst performers The best performing sector was utilities adding 78 points to close at 5,151.
The worst performing sector was telco services, losing 10 points to close at 1,484 points.
The best performing stock in the S&PASX 200 was Linc Energy Limited
(ASX:LNC), rising 17.51 per cent to close at $1.04. Shares in Atlas Iron Limited
(ASX:AGO) and Energy World Corporation Limited
(ASX:EWC) also closed higher.
The worst performing stock was FKP Property Group (ASX:FKPDA), dropping 6.83 per cent to close at $1.16. Shares in Flight Centre Limited
(ASX:FLT) and Worleyparsons Limited
(ASX:WOR) also closed lower.
Commodities
Gold is trading at $US1,710 an ounce.
Light crude is $0.03 up at $US85.59 a barrel.
The Australian dollar
The Australian dollar is buying $US1.048.
