The Australian share market closed 0.3 per cent higher today, lifting from a flat open after stronger than expected trade data from our largest trading partner, China. The gains were propped up by financial stocks while mining stocks dipped by close.
Figures The S&P/ASX 200 index gained 15 points to finish at 4,723.
The value of trades was $3.3 billion on volume of 627 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 11 points higher.
Economic news
China’s export and import growth rose more than expected at the end of 2012. China’s General Administration of Customs reports the nation’s trade balance increased to $US31.6 billion in December, with exports jumping 14.1 per cent and imports lifting 6 per cent in the month from the year before.
Residential building approvals edged up less than expected at the end of 2012. The Australian Bureau of Statistics has reported building approvals rose 2.9 per cent in November from the month before and were 13.2 per cent higher from 2011.
Company news Competition for Macmahon Holdings Limited’s
(ASX:MAH) construction arm is heating up with Indian-backed Sembawang boosting its bid for the assets. The offer comes after Sembawang earlier this week accused Macmahon of not informing the market of its first bid in November 2012 after which Macmahon inked a sales deal with Leighton Holdings Limited
(ASX:LEI). Shares in Macmahon Holdings gained 1.82 per cent today, ending at $0.28.
Australand Property Group
(ASX:ALZ) has advised its major shareholder, Singapore-based CapitaLand, has decided to conduct a strategic review of its investment in the company. The property group has appointed advisers and says it will keep securityholders informed of any material developments as they occur. Shares in Australand Property Group firmed 0.87 per cent today, ending at $3.47.
Oil and gas producer Beach Energy Limited
(ASX:BPT) and JV partner Blue Energy Limited
(ASX:BUL) have been granted two exploration permits in Queensland’s Maryborough Basin.
Kalnorth Gold Mines Limited
(ASX:KGM) lifted following news the gold explorer is edging closer to producer status with the start up of mining at its Lindsay’s Gold Mine in Western Australia.
Straits Resources Limited
(ASX:SRQ) sank after the copper and gold explorer temporarily suspended mining activities at its Mt Muro operations in Indonesia.
GI Dynamics
(ASX:GID) rose after the medical device company resolved litigation brought on by one of its suppliers and said it will retain exclusive ownership and control of its patent portfolio.
Best and worst performers
The best performing sector was real estate investments trusts adding 9 points to close at 984.
The worst performing sector was materials, losing 32 points to close at 10,735 points.
The best performing stock in the S&PASX 200 was Bathurst Resources Limited
(ASX:BTU), rising 5.41 per cent to close at $0.39. Shares in Mount Gibson Iron Limited
(ASX:MGX) and Gryphon Minerals Limited
(ASX:GRY) also closed higher.
The worst performing stock was Skilled Group Limited
(ASX:SKE), dropping 4.4 per cent to close at $2.61. Shares in M2 Telecommunications Group Limited
(ASX:MTU) and Maverick Drilling and Exploration Limited
(ASX:MAD) also closed lower.
Commodities
Gold is trading at $US1,656 an ounce.
Light crude is $0.36 up at $US93.46 a barrel.
The Australian dollar
The Australian dollar is buying $US1.055.
