Aussie shares have closed weaker today, a fall in commodity prices weighing on the big miners like BHP and Rio Tinto. The top banks also dragged the market lower with the big four all in the red at close.
The S&P/ASX 200 Index closed 73 points lower at 4,388 while on the futures market, the SPI200’s down 63.
To company news around this afternoon: Drilling services company Boart Longyear Ltd (ASX:BLY) has launched a US$635 million capital raising after reporting a loss of US$5.4 million for the half year today. The Salt Lake City based, ASX listed company says revenue in the six months to June 30 more than halved from the same period a year ago, down to US$462.9 million from US$985.2 million the year before. The equity offer will comprise of a one-for-one entitlement offer to raise US$341 million, a US$101 million unconditional share placement and a US$193 million conditional placement subject to shareholder approval. The offer price will be 27 cents a share, with the proceeds of the capital raising to be used to reduce existing debt. Boart Longyear shares are in a trading halt and last traded at $0.44.
Internet service provider iiNet Ltd (ASX:IIN) has posted a 28.8 per cent rise in full year earnings today and says it is well placed for an even better year in 2010. Net profit rose to $25.63 million for the 12 months to June 30, up from $19.9 million last financial year. Earnings before interest, tax, depreciation and amortization jumped 36 per cent to $67 million, with revenue climbing 67 per cent to $418 million for the year. Managing director Michael Malone says overall customer service numbers increased 10 per cent to more than 753,000, representing an eight per cent share of the broadband market, up from 4 per cent in 2007. iiNet shares closed 7.5 per cent higher at $2.15.
Also making news today: Transfield Services Infrastructure Fund Ltd (ASX:TSI) has reported a loss of $38 million for the year to June 30, compared to a profit of $21 million the year before.
Remote area accommodations services company, The MAC Services Group Ltd (ASX:MSL), has recorded a post-tax profit of $23.8 million for the 12 months to June 30 up 30 per cent from the year before.
Steel manufacturer and distributor BlueScope Steel Ltd (ASX:BSL) has reported a net loss for the full year and says although the company sees some improvement in demand, it expects to post a small loss in the first half of fiscal 2010.
And Iron ore miner Fortescue Metals Group Ltd (ASX:FMG) has agreed to a 35 per cent iron ore price reduction with China’s Baosteel Group and China Iron and Steel Association.
Now to the best and worst performers: The best performing sector at close was the Consumer Staples index, up 43 points to 7,145; while the worst performing sector at close was the Materials index; down 322 points to 10,969.
The best performing stock in the S&P/ ASX200 was Lynas Corp shares rose 15.22 per cent to 53 cents. Shares in Gunns and Infigen Energy, formerly Babcock & Brown Wind Partners, also closed higher.
The worst performing stock was Valad Property Group with shares falling 13.33 per cent to $0.13. Shares in Sundance Resources and Minara Resources also closed lower.
In commodities, gold is trading at $942.80 U.S an ounce and light crude is down 96 cents at $66.55 U.S a barrel.
