Following positive offshore leads the Australian share market rose at open and closed 0.4 per cent higher for the day. For the week the index shed about 0.8 per cent, its fourth weekly decline in the last five weeks.
The S&P/ASX 200 index rose 18 points to finish at 4,273 but shed 34 points over the week. On the futures market the SPI is currently 26 points higher.
Wall Street over its four trading days this week: The Dow Jones Industrial Average lost 4 points, the S&P 500 Index added 11 points, the Nasdaq added 32 points, and the 100 Index added 49 points.
Shares in Leighton Holdings Limited (ASX:LEI) gained today after inking a 5 year framework agreement with Rio Tinto Limited (ASX:RIO). The agreement is to deliver earthworks, structural, mechanical and piping projects as part of Rio’s expansion in the Pilbara region of Western Australia. Separately, Leighton has secured a $125 million coal contract extension from Peabody Energy at the Moorvale Mine in Queensland. Shares in Leighton Holdings gained 2.57 per cent today, closing at $25.95.
Newcrest Mining Limited (ASX:NCM) has started to trade on the Toronto Stock Exchange (TSX). Australia's largest gold producer entered as the fourth largest mining company on the TSX and the 17th largest company. Newcrest says the secondary listing gives the miner greater exposure to the global investment community. Shares in Newcrest Mining rose 0.06 per cent today, closing at $32.57.
Shares in UCL Resources Limited (ASX:UCL) rose after the company’s major shareholders rejected a hostile takeover bid from its 13.1 per cent shareholder, Minemakers Limited (ASX:MAK).
Shares in Chameleon Mining NL (ASX:CHM) jumped today as it announced an internal restructure, plans to acquire a new project and news Cape Lambert Resources Limited (ASX:CFE) will increase its stake in the company.
Best and worst performers
All sectors closed higher: The best performing sector was Real Estate Investment Trusts adding 7 points to close at 831. The sector with the smallest gains was Energy, adding 2 points to close at 14,289 points.
The best performing stock in the S&PASX 200 was Mineral Deposits Limited (ASX:MDL), rising 5.56 per cent to close at $5.89. Shares in Regis Resources Limited (ASX:RRL) and Aquila Resources Limited (ASX:AQA) also added value.
The worst performing stock was Linc Energy Limited (ASX:LNC), dropping 4.53 per cent to close at $1.37. Shares in APN News and Media Limited (ASX:APN) and White Energy Company Limited (ASX:WEC) also lost value.
Gold is trading at $US1,721 an ounce and shed $50.70 over the week.
Light crude is $0.30 lower, sitting at $US108.54 a barrel.
The Australian dollar is buying $1.0793 US cents and is $0.0112 higher over the week.