Northern Star to expand Alaskan gold mine processing plant: ASX closed 0.1 per cent higher

The Australian share market managed to gain momentum after lunch today rising to close 0.1 per cent higher. Bellamy’s Australia (ASX:BAL) shares were the big story of the day seeing their shares shoot up over 50 per cent after reports the company is to be bought out by Chinese dairy company for $1.5 billion. Sims Metals (ASX:SGM) shares dropped after expectations their first-half results will be lower. As for the sectors, Energy rose and Industrials fell behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 4 points higher to finish at 6,674.

Futures market

Dow futures are suggesting a fall of 103 points.
S&P 500 futures are eyeing a dip of 13 points.
The Nasdaq futures are eyeing afall of 56 points.
And the ASX200 futures are eyeing a 0.03 per cent fall tomorrow morning.

Company news

Northern Star Resources (ASX:NST) will invest $43 million to expand the processing plant at its Pogo gold mine in Alaska. Annual throughput capacity will be increased from 1 million tonnes to 1.3 million tonnes. Shares in Northern Star Resources (ASX:NST) closed 6 per cent higher at $11.

Skin and hair care product company BWX (ASX:BWX) today appointed Rod Walker as a Non-Executive Director on its Board, effective from October. He is currently Chairman of Carpet Court Australia and Technology Group, Lakeba. Past Directorships have included Chairman of Godfrey’s and a Non-Executive Director of Rebel Sport. Shares in BWX (ASX:BWX) closed 3.9 per cent lower at $3.45.

As mentioned earlier, Bellamy’s Australia (ASX:BAL) has entered into a Scheme Implementation Deed under which it is proposed that China Mengniu mung- new Dairy Company will acquire 100 per cent of the issued share capital of Bellamy’s via a scheme of arrangement. If the Scheme proceeds, it is intended that Bellamy’s shareholders will receive a total of $13.25 cash per share.

Litigation funder IMF Bentham (ASX:IMF) has today confirmed that it has reached a binding settlement deed in the securities class action against UGL which is conditional only on final approval by the Federal Court of Australia. IMF says if Court approval is obtained IMF currently expects to generate gross income of approximately $8.6 million, including reimbursement of project costs.

iSignthis (ASX:ISX) has today announced the European Patent Office (EPO) has issued notice of intention to grant a patent across more than 38 countries.

Best and worst performers of the day

The best performing sector was Energy adding 4 per cent while the worst performing sector was Industrials, shedding 1.5 per cent.

The best performing stock in the S&P/ASX 200 was Bellamy's Australia (ASX:BAL), rising 54.9 per cent to close at $12.89. Shares in Blackmores (ASX:BKL) and Eclipx Group (ASX:ECX) followed higher.

The worst performing stock in the S&P/ASX 200 was SIMs Metal Management (ASX:SGM), dropping 13.3 per cent to close at $10.90. Shares in Qantas Airways (ASX:QAN) and Steadfast Group (ASX:SDF) followed lower.

Asian markets

Japan’s Nikkei was closed today for respect for the aged day, Hong Kong’s Hang Seng has lost 1.1 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,506 an ounce.
Iron ore futures are pointing to a rise of 1.6 per cent.
Light crude is US$0.25 lower at US$54.80 a barrel.
One Australian dollar is buying 68.75 US cents.

Source: Finance News Network