The Australian share market has closed the session lower today with profit taking in gold miners and financial stocks.
The S&P/ASX 200 Index closed 24 points lower at 4,836 and is up 87 points on week. On the futures, the SPI200’s down 19 points.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 198 points on the four trading days this week. The S&P500 Index gained 25, the NASDAQ rose 34 points and the 100 index added 26 points.
To company news around this afternoon: Supermarket chain Coles, owned by Wesfarmers Ltd (ASX:WES), has decided not to go ahead with a fuel discount offer after the Australian Competition and Consumer Commission expressed concern about the promotion. Coles was to offer its customers, who spend over $300 in one transaction between October 16 to 19, a fuel discount of 40 cents a litre. According to a report in The Australian, the competition watchdog says there is a balance to be found between providing consumers with discounts on the one hand, and on the other offering significant price cuts for sustained periods or repeated offers which might have deeper impact on competition in the long term. Wesfarmers shares closed 1.03 per cent lower at $26.05.
Guinness Peat Group PLC (ASX:GPG) has increased its takeover offer for financial planner MMC Contrarian Ltd (ASX:MMA) from 48 cents to 50 cents. The company says the offer is final and will not be increased with the offer closing on October 23. The independent directors of MMC however continue to recommend that shareholders do not accept the increased offer from Guinness believing that it does not represent full value for the company and is opportunistic. Guinness Peat shares closed 1.4 per cent weaker at $0.705.
Also making news today: Mining, consumer, chemical products and services provider Orica Ltd (ASX:ORI) CEO Graeme Liebelt has told an audience at an American Chamber of Commerce lunch in Sydney that the company expects to increase its annual profit in fiscal 2009.
And United Minerals Ltd (ASX:UMC) largest shareholder mineral explorer Thundelarra Exploration Ltd (ASX:THX) says it has sold 2.15 million United shares to BHP Billiton Ltd (ASX:BHP) for $2.7 million before costs. The company will retain 18 million United Minerals shares valued by BHP’s bid at $23.4 million.
Now to the best and worst performers: The best performing sector at close today was the Utilities index, up 20 points to 4,284; while the worst performing sector at close was the Industrials index; down 40 points to 3,892.
The best performing stock in the S&P/ASX200 was Nexus Energy shares climbed 9.72 per cent to $0.395. Shares in Atlas Iron and Bank of Queensland also closed higher.
The worst performing stock was Harvey Norman with shares down 6.72 per cent at $4.44 the company today reported a rise in sales for the three months to September 30, lower than expected. Shares in Platinum Australia and Elders also closed lower today.
The Aussie dollar is currently buying 92.26 U.S cents and is up nearly 2 cents on the week. Gold is trading at $1047.50 U.S an ounce and is down 75 cents on the week.
Finally, oil is up 27 cents at $77.85 U.S a barrel.
