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The local share market has closed marginally higher following a fairly lacklustre day of trading, with the release of the minutes of the RBA’s monetary policy meeting failing to add momentum to the market.
The S&P/ASX 200 Index finished 13 points higher at 4,797, while on the futures market, the SPI200 is also up 13.
To company news around this afternoon:
ANZ Banking Group Ltd (ASX:ANZ) plans to sell its 10% stake in Vietnam’s Sacombank. A Sacombank official has told Dow Jones Newswires that ANZ wants to sell its interest to avoid a conflict of interest now it has opened a wholly owned bank in the country. The official would not disclose who the stake might be sold to, but media sources in Vietnam report that a Singaporean bank could be interested. Sacombank’s management board will meet tomorrow to discuss the sale and a final decision is expected by the end of the week. ANZ’s Vietnamese unit received permission to operate as a fully foreign-owned bank in October 2008. Shares in ANZ are up 0.54% at $24.15.
Japan’s Toho Zinc has raised its offer for a stake in zinc miner CBH Resources Ltd (ASX:CBH) in a bid to knock out a rival proposal from Nyrstar of Belgium. Toho is now offering 25 cents a share for a maximum 49.9% of the company. The revised proposal is in response to a $290 million takeover bid by Belgian metals group Nyrstar. Toho holds 24.1% of CBH shares as well as 50.6% of its convertible notes. It has made it clear it will not be supporting Nyrstar’s offer. CBH says its independent directors are assessing both offers and will make a recommendation to shareholders as soon as possible. Shares in CBH Resources closed 8.82% higher to $0.185.
Also making news: Junior explorer Argo Exploration Ltd (ASX:AXT) will form a joint venture with Xstrata Copper to fast track drilling at its Intercept Hill project in South Australia. The agreement allows Xstrata Copper to earn up to a 75% interest in the project by investing $16 million over 7.5 years.
Telstra Ltd (ASX:TLS) has priced a $1.5 billion 10-year bond in a deal that is six times oversubscribed. Around 300 orders make up the book build of the 4.25% March 2020 notes. The capital will be used to retire shorter-term bank debt.
Rio Tinto Ltd (ASX:RIO) and Chinalco are teaming up again less than a year after the breakdown of their $21.3 billion investment deal. The miner and the aluminium giant are in talks to form a joint venture to develop the Simandou iron ore field in Guinea, west Africa, at an expected cost of $13.1 billion.
And Seven Network Ltd (ASX:SEV) has received approval from the Federal Court to go ahead with a meeting for shareholders to vote on the proposed merger of the company’s broadcast interests with WesTrac.
In the best and worst performers: The best performing sector at close was the Telco Services index, up 21 points at 1,062. The worst performing sector was the Utilities index; falling 30 points to 4,316.
The best performing stock in the S&P/ ASX200 was Sundance Resources, shares rose 7.14% to $0.15. Shares in UGL and Adelaide Brighton also closed higher today.
The worst performing stock was St Barbara, shares fell 5.56% to $0.255. While shares in Gunns and Atlas Iron also closed lower today.
In commodities, gold is trading at $1,112.90 U.S an ounce and light crude is down $0.10 to $79.70 U.S a barrel.