Australian stocks have closed the session flat today, coming off earlier highs after the release of disappointing retail sales figures for July dragged down the big retailers and shopping centre owner Westfield Group.
The S&P/ASX 200 Index closed 2 points lower at 4,522 while on the futures market, the SPI200’s down 7.
In economic news released today: Figures from the ABS showed a 2 per cent drop in housing finance for July, and a 1 per cent decline in retail sales also for the month of July.
And the Westpac Bank/Melbourne Institute’s index of consumer sentiment rose 5.2 per cent in September.
To company news around this afternoon: Shareholders in agricultural commodities marketer ABB Grain Ltd (ASX:ABB) have approved a $1.6 billion takeover proposal from Canadian agribusiness Viterra. The company’s shareholders held two meetings in Adelaide today. Shareholders met to consider and vote on the scheme of arrangement in connection with the proposed combination of ABB Grain and Viterra, and to amend ABB’s constitution to remove a 15 per cent limit on the amount of shares that any one shareholder can hold to enable the scheme to proceed. ABB says it will attend a hearing of the Federal Court on September 10, 2009 to request that the court approve the scheme. ABB Grain shares closed 1.44 per cent higher at $9.13.
Resource company Hillgrove Resources Ltd (ASX:HGO) has reported a net profit of $53.97 million for the six months to July 31, compared to a loss of $2.2 million for the same period last year. The company says the results reflect the impact of the sale of the company’s share and option holdings in Eastern Star Gas for $172 million in July this year. Hillgrove says its net assets have increased by over 300 per cent over the last two years to $146.73 million. Hillgrove Resources declared a maiden dividend of 2 cents a share. Hillgrove Resources shares closed 3.64 per cent stronger at $0.285.
Also making news today: Copper and gold miner Oz Minerals Ltd (ASX:OZL) has decided to appoint two employees to take on the duties of departing executive Tony Manini because of the importance of the role. Tony Houston currently manager of exploration in Asia will become head of exploration for the company, and Richard Hedstrom has been appointed head of business development.
Gold, base metals and uranium explorer Western Desert Resources Ltd (ASX:WDR) shares soared today after the company revealed that it has significantly expanded its iron exploration footprint in the Northern Territory with the awarding of the 1,000 square kilometre Mountain Creek exploration licence.
Uranium miner Paladin Energy Ltd (ASX:PDN) says it intends to undertake an institutional private placement of shares for up to 15 per cent of the company’s issued capital.
And hearing device maker Cochlear Ltd (ASX:COH) says it has signed an agreement to purchase patent rights, know-how as well as joint development activities with Colorado based company Otologics LLC.
Now to the best and worst performers: One of the best performing sectors at close was the Industrials index, up 42 points to 3,723; while the worst performing sector was the Telco Services index; down 10 points to 1,119.
The best performing stock in the S&P/ ASX200 was Medusa Mining its shares rose 11.72 per cent to $3.24. GWA International and Babcock & Brown Infrastructure Group shares also gained.
The worst performing stock was Lynas Corp its shares fell 12.58 per cent to $0.695. Shares in Macmahon Holdings and Macquarie Office Trust also closed lower.
In commodities, gold is trading at $1002.20 U.S an ounce and light crude is up 29 cents at $71.39 U.S a barrel.
