Australian shares declined in afternoon trade, pressured by the negative U.S. market lead overnight. Local energy and metal stocks advanced on higher commodity prices.
The S&P/ASX 200 Index closed 26 points lower at 4,813 while on the futures market, the SPI200’s down 26.
To company news around this afternoon: Ten Network Holdings (ASX:TEN) has posted a full year net loss of $89.35 million and a 47 percent fall in normalised net profit which excludes one offs at $47.17 million. However executive chairman Nick Falloon gave a positive outlook and said that advertising demand had recently improved. Ten Network shares decline 2.84% to $1.54 today.
AMP (ASX:AMP) says that subdued investor confidence is the reason why its net inflows declined. Net cashflows into the company's asset management business declined to $103 million in the three months to September compared to $414 million a year ago. Australia's biggest superannuation provider also said that it is yet to see an improvement in discretionary superannuation contributions. AMP shares finished the session 2.79% lower at $6.28.
Also making news: Blackmores (ASX:BKL) reported a 4.1 per cent drop in first quarter profit to $6.9 million and says it is on track for modest full year earnings growth. Sales increased 17 percent compared to a year ago, boosted by natural health products in Asia.
Newcrest Mining (ASX:NCM) shares declined as the gold miner reported a 5 per cent fall in September quarter gold production.
Taking a look at some of the stories covered in our earlier reports: Santos (ASX:STO) reported that production increased 5 per cent on a year ago and reconfirmed its production guidance for the 2009 calendar year, boosting shares.
Ports and rail operator Asciano Group (ASX:AIO) shares improved as it said volumes across its businesses were stabilising or improving.
In the best and worst performers: The best performing sector at close was the Healthcare index, up 46 points at 8,537 while the worst performing was the Real Estate Investment Trust index; which lost 16 points to 938.
The best performing stock in the S&P/ ASX200 was Panoramic Resources and shares rose 7.34 per cent to $2.78. Shares in Duet Group and Boart Longyear also gained.
The worst performing stock was Sundance Resources with shares falling 5.71 per cent to 16.5 cents. Shares in Alesco and Gunns also closed lower today.
In commodities, gold is trading at $1,059.90 U.S an ounce and light crude is down 36 cents at $81.01 U.S a barrel.
