The Australian share market has ended the day higher for the tenth straight session closing 0.2 per cent up. Local stocks tapered off from a 21-month high earlier in the day after Prime Minister Gillard announced the federal election will be held in September.
Today, the S&P/ASX 200 index closed 8 points up to finish at 4,897.
The value of trades was $4.1 billion on volume of 776 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), National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 9 points higher.
Company news
Westpac Banking Corporation
(ASX:WBC) has announced plans to raise capital through launching a $500 million issue of hybrid securities. The bank says the Capital Notes qualify as Tier 1 Capital under new global banking rules and will strengthen its Tier 1 Capital position. Shares in Westpac closed 0.18 per cent down at $28.17.
Dual listed, global medical device company Sunshine Heart Inc (ASX:SHC, NASDAQ:SSH) says it will delist from the ASX in the first half of this year. The company, has decided to make the decision due to low liquidity in trading but will remain listed on the NASDAQ.Shares in Sunshine Heart closed 10 per cent down at $0.03.
Western Areas Limited
(ASX:WSA) has signed an improved offtake contract with China's biggest nickel company Jinchuan Group Limited.
Developer of small generators Ceramic Fuel Cells Limited (ASX:CFU, AIM:CFU) has struck a distribution deal with energy services company iPower.
Qantas Airways Limited’s
(ASX:QAN) former CEO Geoff Dixon and a group of activist Qantas investors have reportedly sold their stake in Australia’s largest airline.
Wesfarmers Limited
(ASX:WES) has posted an increase in first half sales for all its retail businesses. Sales at the company’s key Coles supermarkets business rose 4.7 per cent.
Best and worst performers The best performing sector was energy adding 133 points to close at 13,187. The worst performing sector was telco services, losing 27 points to close at 1,571 points. The best performing stock in the S&PASX 200 was Mirabela Nickel Limited
(ASX:MBN) rising 10.23 per cent to close at $0.48. Shares in Acrux and AWE also closed higher.
The worst performing stock was Discovery Metals Limited
(ASX:DML) dropping13.08 per cent to close at $1.13. Shares in Energy World Corporation and Gryphon Minerals also closed lower.
Commodities
Gold is trading at $US1,667 an ounce. Light crude is $0.04 down at $US97.53 a barrel. The Australian dollar is buying $US1.047.
