The Aussie market managed to close just ahead after spending the whole day in negative territory after U.S. markets lost almost 2% overnight and as energy stocks sank lower.
The S&P/ASX 200 Index closed up just 1 point at 3,768 while on the futures market, the SPI200’s down 19.
In economic news: The Australian Chamber of Commerce and Industry (ACCI) survey of investor confidence has shown that business conditions are expected to improve in the next quarter but showed the June quarter index at 51.3, which was the lowest read since the survey began in 1998. A figure above 50 shows business conditions are more positive than negative.
To company news around this afternoon, Shares in Consolidated Media Holdings (ASX:CMJ) jumped today as speculation grew that the owner of Seven Network, Kerry Stokes may be looking to take a stake in the media owner. The speculation is based on Mr Stokes’ interest in increasing his exposure to pay TV and Consolidated Media owning a 25% stake in Foxtel. Shares advanced 14.48% to $2.53 today as huge volumes of the stock were traded.
Tollroad operator Macquarie Infrastructure Group (ASX:MIG) said it has yet to finalise plans that could lead to a major overhaul which caused shares to fall today. MIG this morning said it was reviewing options that seek to enhance security holder value, but has yet finalise its plans and will update investors over its plans at its full-year results briefing scheduled for August 20. Shares lost 6.32% to $1.26 today.
Also making news today: Fresh reports are saying that China's steel mills have agreed to a 33 per cent cut in iron ore prices for six months, which is lower than the 40 per cent cut they were hoping to achieve. The news came from the China Business News although has not been verified as yet. The result would be good news for iron ore miners Rio Tinto (ASX:RIO), BHP (ASX:BHP) and Fortescue (ASX:FMG).
Qantas (ASX:QAN) has pleaded guilty to price-fixing charges on air cargo shipped from Canada and has been fined $CA155,000. Canada's Competition Bureau said that Qantas admitted that its freight division fixed surcharges on air cargo exported on certain routes in 2002 to 2006.
Taking a look at some of the stories covered in our earlier reports: Rio Tinto (ASX:RIO) is in talks with China because four of the company's employees have been detained by authorities in Shanghai.
Construction group Leighton Holdings (ASX:LEI) has won a contract worth US$381 million with the Abu Dhabi Ports Company.
Now to the best and worst performers: The sector posting the biggest gain today was the Telecommunications index which rose 16 points to 1,165; while the worst performing sector at close was the Energy index; down 225 points to 13,456.
The best performing stock in the S&P/ ASX200 was Consolidated Media. Shares in Amcor and Minara Resources also closed higher.
The worst performing stock was Platinum Australia with shares falling 9.34 per cent to $0.825. Shares in Lynas Corp and Elders also closed lower.
In commodities, gold is trading at $921.30 U.S an ounce and light crude oil is down 86 cents since this morning at $62.07 U.S a barrel after falling overnight.
