Aussie shares rallied in afternoon trade after a weak start to the day. RBA deputy governor Ric Battellino said it was likely the country would experience further growth for a few more years yet after not recording negative year-end gross domestic product growth for the past 18 years. 

In employment news, according to a Department of Education, Employment and Workplace Relations index skilled vacancies increased 2.4% in November.

Meanwhile, the Australian Bureau of Statistics said construction work done increased 2.2% in Australia during the September quarter. Forecasts were for a 0.5% decline.

At the end of the day, the All Ords put on 32.8 to 4,741.0, while the ASX/200 gained 37.2 to 4,722.2. About 2.7 billion shares worth around $5.5 billion had changed hands. 

Among the Materials and Resource stocks a decline in base metal prices in London overnight failed to impact attitudes towards BHP Billiton’s shares. They advanced 96c, or 2.4% to $41.19.

The sector gained 1.1% overall.

Fortescue climbed 2.9% to $4.25, while Rio Tinto continued to be hit by profit taking to be down 19c, or 0.3% to $71.70.

The gold miners were out of favour. Lihir Gold lost 1c to $3.65 and Newcrest shed 22c to $36.98. Since the beginning of October the stocks had rallied 30% and 17% respectively.

Among home building material makers, James Hardie put on 20c to $7.99, just shy of fresh two-year highs.

Incitec Pivot jumped 2.8% to $2.96.
 
Among the big four banks ANZ, Westpac and NAB added between 1.4% and 1.7%.

CBA retreated 16c to $52.58.

The Bank and Financials sector advanced 0.9%.

Insurers QBE and Suncorp-Metway rallied 2.7% and 2.5% to $23.19 and $9.00 respectively. 
 
The Property Trust sector added 0.8% as gainers outweighed the few losers. Westfield put on 16c, or 1.3% to $12.28 and Stockland gained 3c, or 0.7% to $4.06.

The Energy sector saw an increase of 0.3% as Woodside and Santos both recorded solid gains. Woodside improved by 31c, or 0.6% to $49.41 and Santos gained 6c, or 0.4% to $14.83.

The big mover of the sector was Riversdale Mining, which boasted a 11.9% increase to be trading at $6.40 after Brazil Steel Co offered $6.10 per share to secure a 16% stake in the company.

Aquila rose 4.4% to $9.79.

The Consumer Discretionary sector weakened 0.3% on a mixed day for the sector. JB Hi-Fi rose 17c, or 0.7% to $23.39, while Crown was down 10c, or 1.3% to $7.87.

Aristocrat shed 12c to $4.04.

With Wesfarmers gaining 30c, or 1% to $29.54 and Coca Cola Amatil improving 19c, or 1.8% to $10.66 the Consumer Staples sector saw an overall improvement of 0.5%.

Woolworths reversed early losses to be 10c higher to $28.18.

Falls among heavyweights sent the Industrials sector 0.8% into the red. Brambles and Leighton recorded losses of 9c and 48c to $6.55 and $36.65 respectively.

UGL fell 40c, or 2.9% to $13.22. 

Telstra gained 9c, or 2.7% to $3.38 causing an overall improvement to the Telecommunications sector of 2.3%.

Around the region, the Nikkei 225 added 24.4 to 9,426.0, while the Straits Times Index gained 2.8 to 2,782.8. Across the Tasman, the NZSE50 put on 7.8 to 3,115.4. The Hang Seng weakened 41.2 to 22,381.9.

Spot gold was trading at US$1,177.05 per ounce, and the Aussie was buying US$0.9255.   

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ACCC to oppose Gunns acquisition
The Australian Competition and Consumer Commission (ACCC) said it intends to oppose the Gunn’s proposed acquisition of ITC Timber Pty Ltd. The ACCC said the acquisition by Gunns of ITC Timber's 50% stake in the SmartFibre wood chip joint venture would likely substantially lessen competition in the market for the acquisition of hardwood pulpwood in north-eastern Tasmania.

By the close, Gunns shares were even at 96c. 

Graincorp profit jumps to $63.2m
Graincorp recorded a post tax profit after tax of $63.2m for the financial year compared to a loss of $19.9m for the previous year. GrainCorp managing director, Mark Irwin, said the company would provide profit guidance in February next year, however was expecting to receive between 8 million and 9 million tonnes of winter and summer grains for the year.

At the end of the day, Graincorp shares were down 7c to $6.29.

PRG half year profit down 4.8%
Programmed Maintenance Services announced a net profit after tax of $12m for the six months to 30 September 2009, down 4.8% from the $12.6m reported in the first half of FY09. The maintenance and project services group said EBITA was $27.3 million compared to prior corresponding half year EBITA of $32.7 million.

At the finish, Programmed Maintenance Services shares were trading down 2c to $3.96.

Sedgman forecasts FY earnings of 15c per share
Sedgman affirmed its FY10 profit guidance at the company's Annual General Meeting in Brisbane today. The resource sector services company announced an earnings guidance of 15c per share, excluding amortisation of intangible assets.

By the close, Sedgman shares were down 1c to $1.61.

Norfolk profit up 30%
Norfolk Group reported a net profit after tax of $5.7m for the six months to 30 September 2009, up 29.5% from the previous corresponding period. The company’s result was on the back of a 3.1% rise in 1HFY10 revenue to $388.4 million.

At the end of the day, Norfolk shares were down 4.5c to 75.5c.