Australian stocks closed lower today, investors taking profits after the previous sessions gains, with Wesfarmers shares tumbling after Woolworths announced plans to enter the hardware sector today.
The S&P/ASX 200 Index closed 20 points weaker at 4,406 while on the futures market, the SPI200’s down 23.
To company news around this afternoon: Oil and gas explorer Australian Worldwide Exploration Ltd (ASX:AWE) has reported full year net profit of $88.6 million, down 66 per cent from $264.4 million recorded the year before. Revenue dropped 28 per cent to $590.26 million, from $821.47 million a year ago, as a result of both lower oil and gas production during the year in addition to a sharp reduction in US oil prices. AWE forecast total oil and gas production for the 2010 financial year to fall to 7 million barrels of oil equivalent due to the natural field decline at Tui in New Zealand. Australian Worldwide Exploration shares closed 3.08 per cent lower at $2.52.
Global provider of gaming Aristocrat Leisure Ltd (ASX:ALL) has posted a net loss of $33.4 million for the half year to June 30, compared to a profit of $70.4 million for the same period a year ago. The company says the loss was due largely to a non-cash writedown of $79.9 million against the group's investments and associated inventories in its multi-terminal gaming businesses, PokerTek and Elektroneek. CEO Jamie Odell announced a comprehensive plan to reduce the company’s earnings volatility and deliver sustainable growth over the next three to five years. Shares in Aristocrat Leisure closed 2.16 per cent weaker at $4.52.
Also making news today: According to the Australian Associated Press, BHP Billiton Ltd (ASX:BHP) has slashed 70 jobs from its Mt Keith nickel mine in Western Australia in an effort to maintain the economic viability of the operation.
Share registry operator Computershare Ltd (ASX:CPU) has acquired a Danish shareholder communications provider for US$12.4 million.
Grocery retail giant Woolworths Ltd (ASX:WOW) is to enter into the $24 billion hardware sector by making an offer for Australia’s second largest hardware distributor Danks Holdings .
And financial Services group Suncorp-Metway Ltd (ASX:SUN) announced a 40 per cent fall in net profit after what the company says has been the most volatile period in Australian financial services history.
Now to the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 2 points to 824; while the worst performing sector at close was the Utilities index; down 46 points to 3,948.
The best performing stock in the S&P/ ASX200 was Valad Property shares gaining 15.38 to $0.15. Shares in Seek and ING Industrial Fund shares also closed higher.
The worst performing stock was Mincor Resources with shares falling 6.92 per cent to $2.42. Shares in AWB and Independence Group also closed lower.
In commodities, gold is trading at $945.10 U.S an ounce and light crude is down 90 cents at $73.47 U.S a barrel.
