The local share market has closed the session lower today as investors stepped back after two days of strong gains with resource stocks like top miners BHP and Rio Tinto leading the declines.
The S&P/ASX 200 Index closed 22 points lower at 4,693 and is up 97 points on week. On the futures, the SPI200’s down 46.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 179 points on the four trading days this week. The S&P500 Index gained 23, the NASDAQ added 46 points and the 100 index up 36 points.
To company news around this afternoon: The Australian Competition and Consumer Commission has reportedly reached an agreement with grocery retail giants Woolworths Ltd (ASX:WOW) and Wesfarmers Ltd (ASX:WES) Coles to remove restrictions on competitors setting up shop in the same shopping centre. According to the Dow Jones Newswires the ACCC says Woolies and Coles have agreed not to include the restrictive provisions in their new supermarket leases and will not enforce the provisions in existing supermarket leases five years after commencement of trading. The Dow Jones Newswires reports ACCC chairman Graeme Samuel saying that by reducing the barriers to entry for new and expanding players opens the possibility for Australian consumers to have greater choices in where to shop, and potentially pay lower prices as a result. Woolworths shares closed 0.58 per cent lower at $28.95, and shares in Wesfarmers closed 0.65 per cent higher at $26.28.
Following on from its rivals Australian and New Zealand Banking Group Ltd (ASX:ANZ) has announced that it will remove or eliminate exceptional fees on personal accounts and establish a simpler fee structure by abolishing 27 fees on personal accounts. Acting chief of the bank’s Australian operations, Graham Hodges says one of the main changes the bank will make in response to customer feedback is to eliminate overdrawn fees altogether for everyday banking accounts where the overdrawn amount is less than $50. Mr Hodges says the fee changes will benefit customers by around $140 million a year. ANZ shares closed 1.44 per cent stronger at $23.18.
Also making news today: Copper miner Oz Minerals Ltd (ASX:OZL) says it has established a regular share purchase program to enable recently appointed CEO Terry Burgess to apply a portion of his salary in regularly acquiring shares in the company. The purpose of the program is to enable a trustee for Mr Burgess to acquire a material shareholding in the company over time, creating greater alignment with the interests of shareholders.
And Mid-tier nickel sulphide producer Western Areas NL (ASX:WSA) has received final consent from the Western Australian Minister for the Environment for the company’s Spotted Quoll open pit mine.
Now to the best and worst performers: The best performing sector at close today was the Utilities index, up 22 points to 4,166; while the worst performing sector at close was the Materials index; down 214 points to 11,594.
The best performing stock in the S&P/ASX200 was Lynas Corp shares rose 7.89 per cent to $0.82. Shares in Valad Property and GPT Group also closed higher.
The worst performing stock was Commonwealth Property Office Fund with shares fell 5.56 per cent to $0.85. Shares in St Barbara and Flight Centre also closed lower today.
The Aussie dollar is currently buying 87.09 U.S cents and is up slightly on the week. Gold is trading at $1013.80 U.S an ounce and is up $8.95 on the week.
Finally, oil is down 33 cents at $72.14 U.S a barrel.
