The local share market has closed the session lower today but came off earlier lows, dragged down by resource stocks like the major miners BHP and Rio Tinto on a fall in commodity prices.
The S&P/ASX 200 Index closed 27 points lower at 4,299 and is up 55 points on week. On the futures, the SPI200’s down 30.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 85 points on the four trading days this week. The S&P500 Index gained 10, the NASDAQ lost 5 points and the 100 index dropped 3 points.
To company news around this afternoon: Global miner BHP Billiton Ltd (ASX:BHP) full year profit is reportedly set to take a tumble, hurt by a steep decline in commodity prices. The Australian Associated Press reports that the top miner is expected to post net profit before exceptional items of around US$10.2 billion according to a consensus forecast based on 25 analyst projections. BHP recorded net profit of US$15.39 billion last financial year. Last month the miner released its full year production report noting a significant contraction in commodities demand, and a drop in metallurgical coal, nickel and manganese output. BHP shares closed 2.04 per cent lower at $38.
West Australian Newspapers Holdings Ltd (ASX:WAN) has reported a 20.6 per cent decline in full year profit due to a slump in advertising revenue. The company posted net profit after tax of $87.2 million for the 12 months to June 30, compared to $109.9 million the year before. The company reported that normalized net profit, which removes one-off organizational restructuring costs of $9.9 million, came to $97.1 million. Revenue fell 11.3 per cent to $418.6 million. West Australian Newspapers Holdings declared a final dividend of 10 cents a share. Shares in West Australian Newspapers Holdings closed 3.3 per cent weaker at $6.15.
Also making news today: Wholesaler and distributor of toys Funtastic Ltd (ASX:FUN) says it has sold its Apparel business to a privately owned company called Australian Horizons Trading. The company says it expects to receive the book value for working capital of around $5.4 million plus a share of the 2010 sales which is expected to be no less than $3 million.
And junior miner Iron Road Ltd (ASX:IRD) says it has an inferred resource of 110 million tonnes of magnetite iron ore at its Warramboo project in South Australia.
To the best and worst performers: One of the best performing sectors at close today was the Industrials index, up 9 points to 3,304; while the worst performing sector at close was the Materials index; down 167 points to 11,120.
The best performing stock in the S&P/ASX200 was PMP up 11.9 per cent to $0.47 cents. Shares in Hastings Diversified Utilities Fund and CSR also gained.
The worst performing stock was St Barbara with shares falling 6.67 per cent to $0.21. Shares in OM Holdings and Coca-Cola Amatil also closed lower today.
The Aussie dollar is currently buying 83.86 U.S cents and is up slightly on the week. Gold is trading at $961.80 U.S an ounce and is up $8.05 on the week.
Finally, oil is down 12 cents at $71.82 U.S a barrel.
