Australian shares have closed the session lower today, dragged down by the top banks like the Commonwealth Bank and NAB. There is speculation the Reserve Bank could raise rates tomorrow, earlier than expected.
The S&P/ASX 200 Index closed 15 points lower at 4,587 while on the futures market, the SPI200’s down 27.
To company news around this afternoon: There are reports that Apple is not happy with the new logo of grocery giant Woolworths Ltd (ASX:WOW) saying that it is too similar to its own logo. Woolworths launched its new logo which is a stylised letter ‘W’ resembling a piece of peeled fruit, in August. According to the Dow Jones Newswires U.S. based Apple, maker of the iPod and iPhone and Mac computer is urging IP Australia who governs trademarks in Australia, to reject Woolies new logo, saying it looks too much like an apple. Shares in Woolworths closed 0.59 per cent higher at $29.08.
Australian Foundation Investment Company Ltd (ASX:AFI) has thrown a spanner in the works for the Federal Government’s plans to force a structural separation of Telstra Corporation Ltd (ASX:TLS), arguing that the telco is entitled to get fair value for its assets. In a presentation to shareholders chairman Bruce Teele says there is a danger of coercive Government favouritism, and has called on shareholders to make their opinions known to their elected representatives. Mr Teele says any agreement between Telstra and the Government needs to be in shareholders' interests. Shares in Australian Foundation Investment Company closed steady at $4.98. Telstra shares closed 0.62 per cent stronger at $3.24.
Also making news: Drug developer HealthLinx Ltd (ASX:HTX) has secured $7.2 million to help it commercialise its ovarian cancer diagnostic, OvPlex, and fund further trials of OvPlex.
And SMS Management & Technology Ltd (ASX:SMX) today announced the acquisition of Aipex, a specialist systems integration provider.
Taking a look at some of the stories covered in our earlier reports: Gold miner Sino Gold Mining Ltd (ASX:SGX) says the Foreign Investment Review Board has approved a takeover of the company by Canada’s Eldorado Gold Corporation.
And rural services company AWB Ltd (ASX:AWB) says that the U.S. Court of Appeals has dismissed an appeal against a U.S. class action ruling in AWB’s favour, brought by persons who are said to represent a class action of residents of the three northern governorates of Iraq.
In the best and worst performers: The best performing sector at close was the Telco Services index, up 9 points at 1,130 while the worst performing was the Financials excluding Real Estate Investment Trust index; which lost 73 points at 5,439.
The best performing stock in the S&P/ ASX200 was Aristocrat Leisure shares jumped 7.35 per cent to $5.55. Shares in Sundance Resources and Lynas Corp shares also gained.
The worst performing stock was Macquarie Airports shares lost 6.36 per cent to $2.65. Shares in Straits Resources and Macquarie Group also lost ground.
In commodities, gold is trading at $1005.40 U.S an ounce and light crude is down 5 cents at $69.90 U.S a barrel.
