Advancing for the fourth straight session the ASX200 index has this morning pushed back above the psychologically significant 5,000 barrier for the first time since May.
The gains follow a strong session on Wall Street overnight when the Dow Jones Industrial Average and Standard & Poor's 500 index nudged record closing highs, buoyed by hopes America will maintain its economic stimulus program.
Though local stocks have eased from the morning’s peak most major sectors are trending higher. The mining sector is again supporting gains on stronger precious metals prices while energy stocks are dragging after oil prices pulled back from recent highs.
Figures
The S&P/ASX 200 index has advanced 40 points to 5,006. On the futures market the SPI is 51 points higher.
Company news
Rio Tinto Limited
(ASX:RIO) has celebrated its second production milestone this week. The global miner says coal production has now started at its $US2 billion Kestrel Mine Extension in central Queensland. The Kestrel Mine is Rio Tinto’s only underground coal operation and the extension will add 20 years to the mine life. Rio Tinto started shipping copper concentrate from its $US6.2 billion Oyu Tolgoi mining project in Mongolia earlier this week. Shares in Rio Tinto have lifted 1.53 per cent and are trading at $55.15.
Investors have piled into AP Eagers Limited
(ASX:APE) after the automotive retail group flagged a record first half profit. The company has predicted a 13 per cent rise in its net profit, expecting to book a $42 million result when its interim report is released on August 28, 2013. AP Eagers inked a deal to buy two car dealerships in Adelaide for $9 million earlier this week. Shares in AP Eagers have gained 5.8 per cent and are trading at $4.38.
Best and worst performers
The best performing sector is materials gaining 189 points to 9,143. Shares in Newcrest Mining Limited
(ASX:NCM) have risen 6.49 per cent and trading at $11.82. Shares in Silver Lake Resources Limited
(ASX:SLR) and Fortescue Metals Group Limited
(ASX:FMG) are also stronger.
The sector with the fewest gains in energy, adding 10 points to 13,466. Shares in Santos Limited
(ASX:STO) have fallen 0.43 per cent, trading at $13.91. Shares in Woodside Petroleum Limited
(ASX:WPL) and Whitehaven Coal Limited
(ASX:WHC) are trading higher.
IPOs
Inabox Group Limited
(ASX:IAB) has started trading today. The telecommunications wholesale services provider floated with an issue price of $1.20, opened at $1.50 and is currently trading at $1.48.
Gold and the dollar
Gold is trading at $US1,283 an ounce.
The Australian dollar is buying 91.51 US cents.
