Australian shares closed the session lower today, weighed down by profit taking in banks with investors showing caution ahead of further company earnings to be released out of the U.S. this week.
The S&P/ASX 200 Index closed 13 points lower at 4,740 while on the futures market, the SPI200’s up 8.
In economic news: The ABS reports that total lending finance commitments rose 10.2 per cent in the 12 months to August.
To company news around this afternoon: Babcock & Brown Infrastructure Group (ASX:BBI) says an independent expert has concluded that the company’s $1.8 billion recapitalisation is fair and reasonable with regard to shareholders. The company also says it has raised $625 million from institutional investors, with the placement closing fully subscribed. The institutional placement is part of the recapitalisation plan which will see a further $625 million placement to potential cornerstone investor Brookfield, increasing the investor’s stake in the company to between 35% and 39.9%. Babcock & Brown Infrastructure Group shares closed 13.21 per cent weaker at 4.6 cents.
Macquarie CountryWide Trust (ASX:MCW) says it has agreed to terms and received formal credit approval from its lender in Germany, for the extension of its property-level loan facility in Germany. The facility due to mature on June 30 2010, has been extended for a further two years to July 2012. Macquarie CountryWide Trust says it has also negotiated a further reduction of the tangible net worth covenant from the current limit of $1 billion down to $500 million on the head trust multi-currency debt facility in Australia. Macquarie CountryWide Trust shares closed 0.77 per cent lower at 64.5 cents.
Also making news: The Seven Network Ltd (ASX:SEV) released a change in substantial holding notice that its holding in Consolidated Media Holdings Ltd (ASX:CMJ) has increased to 20.96% after an off-market share buyback by ConsMedia reduced the number of shares on issue. Information technology company Servcorp Ltd (ASX:SRV) has launched an equity raising to raise $80 million, via an institutional placement and entitlement offer.
Australian steel maker BlueScope Steel Ltd (ASX:BSL) expects to report a small loss for the first half of fiscal 2010.
And Iron ore miner Fortescue Metals Group Ltd (ASX:FMG) shipped a total of 9.5 million tonnes of ore in the September quarter. This compares to 7.9 million tonnes shipped in the previous quarter.
To the best and worst performers: The best performing sector at close was the Utilities index, up 58 points at 4,253 while the worst performing was the Real Estate Investment Trust index; which lost 11 points at 925.
The best performing stock in the S&P/ ASX200 was Macquarie Media shares jumped 19.18 per cent to $2.33. Shares in Energy World Corp and Crown also gained.
The worst performing stock was Babcock & Brown Infrastructure Group price as mentioned before. Shares in Lynas Corp and Virgin Blue also lost ground.
In commodities, gold is trading at $1050.60 U.S an ounce and light crude is up 78 cents at $72.55 U.S a barrel.
