Aussie shares lost ground today, reversing some of the recent gains. Energy, materials and financials were a drag as these sectors posted losses.
The S&P/ASX 200 Index closed 45 points lower at 4,265 while on the futures market, the SPI200’s down 45.
In economic news, the Australian Bureau of Statistics showed that Australia's trade deficit reduced in June to $441 million from $556 million in May as exports rose. Analysts had expected a deficit of $800 million and the result was a positive sign for the outlook for the Australian economy.
To company news around this afternoon, Hospital and pathology services operator Healthscope (ASX:HSP) said today that it is looking to expand in Asia over the next few years, particularly in Malaysia, Singapore and India. Managing director Bruce Dixon said that Healthscope had been hoping that distressed assets in Asia would have come on the market because of the global financial crisis, but instead the healthcare sector in Australia and Asia has been surprisingly strong. Healthscope shares finished 2.36% higher at $4.34.
Agrichemical company Nufarm (ASX:NUF) today completed the acquisition of two Texas based sorghum companies; Richardson Seeds and MMR Genetics. The buy out was for an undisclosed amount. Nufarm’s managing director Doug Rathbone said that sorghum was a target crop for the company’s seeds business and these acquisitions would deliver significant growth. Nufarm shares finished 0.64% lower at $10.90 today.
Also making news today: Goodman Group (ASX:GMG) shares are in a trading halt after the company this morning announced details of its planned $1.7 billion capital raising. The funding follows a deal announced in June by Goodman which includes China Investment Corp owning an 8 to 10 per cent stake and Macquarie holding about 11 per cent.
Stockbroker Bell Financial Group (ASX:BFG) has expanded its offering and established a real estate investment advisory and broking division. The new division will provide research and broking services to clients in the listed Australian real estate investment trust sector.
Taking a look at some of the stories covered in our earlier reports: David Jones (ASX:DJS) said fourth quarter sales rose 0.6 per cent to $512.3 million, up from $509.1 million in the fourth quarter of 2008 but shares lost ground today.
Property investor Macquarie CountryWide Trust (ASX:MCW) has cut the value of its portfolio by 9 per cent or $401 million from the previous portfolio book value.
Now to the best and worst performers: the best performing sector at the close was the Healthcare index, up 175 points to 7,956; while one of the worst performing sectors was the Materials index; down 234 points to 11,124.
The best performing stock in the S&P/ ASX200 was Ten Network Holdings shares rose 5.58 per cent to $1.325. Shares in NRW Holdings and ING Industrial Fund also closed higher.
The worst performing stock was Minara Resources with shares falling 11.39 per cent to $1.05. Shares in Panoramic Resources and David Jones also closed lower.
In commodities, gold is trading at $964.50 U.S an ounce and light crude oil is down 20 cents at $71.22 U.S a barrel.
