Aussie shares have come off earlier highs to close flat today as investors became nervous ahead of U.S. jobs data due out overnight that is likely to give a good indication of the pace of recovery in the U.S.
The S&P/ASX 200 Index closed 6 points higher at 4,436 and is down 54 points on week. On the futures, the SPI200’s down 5.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index down 200 points on the four trading days this week. The S&P500 Index slipped 26, the NASDAQ dropped 46 points and the 100 index down 37 points.
To company news around this afternoon: Global miner Rio Tinto Ltd (ASX:RIO) says its proposed iron ore joint venture with BHP Billiton Ltd (ASX:BHP) is on track to be completed in mid-2010. According to The Australian Rio Iron Ore chief executive Sam Walsh told the Committee for Economic Development of Australia in Perth today that while there is still some way to go with finalising documentation and regulatory approvals both parties are committed to completing the joint venture by mid-2010. The paper reports Mr Walsh also saying that the proposed venture will not reduce competition in the market. Shares in BHP closed 0.22 per cent lower at $36.62 and shares in Rio Tinto closed 0.25 per cent weaker at $55.25.
James Packer’s Consolidated Media Holdings Ltd (ASX:CMJ) shares rallied after Kerry Stokes’ Seven Network Ltd (ASX:SEV) requested a copy of the company’s share register. Speculation is now rife that Seven may be mounting a takeover bid for ConsMedia after it increased its stake in the company to 19.91 per cent from 18.32 per cent in July. Close to the maximum amount allowed under the Act before a formal takeover must be declared. Consolidated Media Holdings shares closed 7.03 per cent higher at $3.35 and the Seven Network’s shares closed 1.91 per cent lower at $6.17.
Also making news today: In an effort to cut costs copper and gold miner Oz Minerals Ltd (ASX:OZL) is attempting to get rid of small shareholdings in its share register. The miner says it is offering shareholders with an unmarketable parcel of shares, worth under $500, to sell their shares at no cost.
And nickel producer Minara Resources Ltd (ASX:MRE) CEO Peter Johnson told an audience of the Committee for Economic Development of Australia in Perth today that nickel demand and production in 2009 decreased 20 per cent and that the company is expecting a rebound of around nine per cent in 2010.
Now to the best and worst performers: The best performing sector at close today was the Industrials index, up 43 points to 3,628; while the worst performing sector at close was the Utilities index; down 81 points to 4,001.
The best performing stock in the S&P/ASX200 was Lynas Corp shares rose 12.4 per cent to $0.68. Shares in Emeco Holdings and Dominion Mining also closed higher.
The worst performing stock was Babcock & Brown Infrastructure Group with shares fell 21.79 per cent to 6.1 cents. The company says it has reached an interim agreement with a potential cornerstone investor to negotiate in good faith. Shares in Valad Property and Lend Lease also closed lower today.
The Aussie dollar is currently buying 84.02 U.S cents and is down on the week. Gold is trading at $990 U.S an ounce and is up $35.05 on the week.
Finally, oil is up 18 cents at $68.14 U.S a barrel.
