Aussie shares closed lower today, led down by financials like top banks NAB and Westpac, and resource stocks like BHP and Rio Tinto, investors nervous ahead of the beginning of the corporate earnings period next month.
The S&P/ASX 200 Index closed 57 points weaker at 3,738 while on the futures market, the SPI200’s down 48.
To company news around this afternoon: Virgin Blue Holdings Ltd (ASX:VBA) has responded to media speculation this afternoon saying details in a Fairfax press article in relation to a potential capital raising are incorrect. The company says given the prevailing macro-economic conditions, Virgin assesses capital management initiatives as appropriate, however the Board has not approved any such transaction as has been reported. The Sydney Morning Herald reported this morning that Virgin was on the verge of announcing a $400 million capital raising. Virgin Blue Holdings shares are in a trading halt and last traded at 29 cents.
And founder of real estate investment management company MacarthurCook Ltd (ASX:MCK) Craig Dunstan has resigned. The company says Mr Dunstan has also indicated that he has sold his 8.5 per cent stake in MacarthurCook to AIMS Securities Holdings who currently has a takeover offer on the table for the company. Mr Dunstan established the MacarthurCook business in 2002 and grew the business to a position where it now has more than $1.1 billion in funds under management. MacarthurCook shares closed steady at 42 cents.
Also making news today: Investment company Mirrabooka Investment Ltd (ASX:MIR) reported a loss of $6.75 million for the year ending June 30 down 123 per cent from the same period a year ago. The company declared a final dividend of 6.5 cents a share.
U.S. based, ASX listed Constellation Brands Inc (ASX:CBR), owner of Australia’s Hardy Wine Co has reported an 85 per cent fall in profit to US$6.5 million for the three months to May 31.
Iron ore miner Fortescue Metals Group Ltd (ASX:FMG) says June quarter and full year production results exceeded previous estimates saying it expects to maintain a run rate of 35 million tonnes a year for the moment.
And speculation is growing that Seven Network Ltd (ASX:SEV) boss Kerry Stokes, could be about to launch a full takeover bid for James Packer’s Consolidated Media Holdings after last week it was revealed that Mr Stokes had spent over $234 million to increase his stake in ConsMedia from 4.8 per cent to 18.3 per cent.
Now to the best and worst performers: All sectors were in the red at close, however the sector with the smallest loss was the Utilities index, down 2 points to 3,931; while the sector at close with the biggest loss was the Financials excluding Real Estate Investment Trust index; down 74 points to 4,072.
The best performing stock in the S&P/ ASX200 was Pacific Brands shares rose 6.7 per cent to 95.5 cents. Shares in Karoon Gas Australia and Platinum Australia also closed higher.
The worst performing stock was Murchison Metals with shares falling 9.23 per cent to $1.18. Shares in Equinox Minerals and Boart Longyear also closed lower.
In commodities, gold is trading at $911.05 U.S an ounce and light crude is down 95 cents at $58.94 U.S a barrel.
