Market Wrap: Aus shares maintain gains

Market Reports

Despite soft US leads, the Australian share market opened higher this morning and advanced moderately throughout the day with energy stocks gaining ground on the back of extreme weather conditions expected to hit the US East Coast.
 
Today, the S&P/ASX 200 index closed 5 points up to finish at 4,477. On the futures market, the SPI is currently 9 points higher.
 
Company news

Shares in Base Resources Limited (ASX:BSE) have slumped over 30 per cent today as uncertainty mounts over a new law that would see the Kenyan government take a 35 per cent stake over all mining leases. The African focused mineral sands developer says it is trying to clarify its position in the region where it is currently developing the Kwale Mineral Sands project. Shares in Base Resources plunged 36.14 per cent at $0.27. 

Ardent Leisure Group (ASX:AAD) reported a 3.9 per cent rise in its September quarter earnings today, boosted by increased visitor numbers at its Gold Coast venues. The theme park owner says better weather conditions largely aided the result. Dreamworld, WhiteWater World and the SkyPoint observation deck at Surfers Paradise generated $9.87 million in earnings over the three months. Shares in Ardent Leisure Group closed 1.10 per cent up at $1.38.

Starpharma Holdings Limited (ASX:SPL) has announced positive results from further testing of its cancer drug docetaxel. 
 
Commonwealth Property Office Fund (ASX:CPA) has secured a 30 per cent tenancy pre-commitment for its Martin Place development, allowing it to proceed with construction.
 
Elders Limited (ASX:ELD) will commence selling off its rural services division as part of its strategy to deliver value to shareholders.
 
Telstra Corporation Limited (ASX:TLS) has revealed  plans to increase its presence in Asia by servicing major corporate customers in the region in an effort to boost its revenue.
 
Best and worst performers 

The best performing sector was real estate investment trusts adding 8 points to close at 977. The worst performing sector was health care, losing 51 points to close at 10,425 points.

The best performing stock in the S&PASX 200 was Fairfax Media Limited (ASX:FXJ) rising 7.79 per cent to close at $0.42. Shares in APN News and Media and Energy World Corporation also closed higher.
 
The worst performing stock was Ten Network Holdings Limited (ASX:TEN) dropping 3.64 per cent to close at $0.27. Shares in ResMed and Acrux also closed lower. 
 
IPOs 

Metals of Africa Limited (ASX:MTA) started trading today with an issue price of $0.20 opening at $0.24 and a closing price of $0.23 .    
 
Commodities

Gold is trading at $US1,715 an ounce. Light crude is $0.34 down at $US85.90 a barrel. The Australian dollar is buying $US1.03.

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