The local share market has closed the session lower today with the top miners like BHP and Rio and major banks such as NAB and ANZ weighing down the market.
Today the S&P/ASX 200 Index closed 42 points lower at 4,706 and is up 112 points on week. On the futures, the SPI200’s down 37 points.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index rose 174 points on the four trading days this week. The S&P500 Index gained 18, the NASDAQ added 37 points and the 100 index advanced 42 points.
To company news around this afternoon: Property investor GPT Group (ASX:GPT) says it has finalised the unwinding of its $1.2 billion of excess offshore interest rate hedges at a cost of $152 million. The group says the termination of these hedges will result in a reduction of GPT’s average interest rate across its borrowings of around 1.2 per cent. GPT says the mark to market value of these positions was negative $317 million in December 2008 and negative $160 million in June 2009. The company says it has also terminated foreign income hedges at a cost of $24 million and reduced its US dollar denominated debt from US$276 million to US$130 million and retained A US$130 million interest rate hedge against this outstanding debt. GPT Group shares closed 0.78 per cent higher at $0.645.
Provider of services to the grain industry GrainCorp Ltd (ASX:GNC) says it has completed the acquisition of United Malt Holdings for $757 million. Managing Director Mark Irwin says the purchase of the Canada Malting Company, Great Western Malting in the US, Bairds Malt in the UK, and Barrett Burston Malting in Australia transforms the company from an eastern Australian storage and handling service provider into an international agribusiness operating across four countries, with around half the company’s earnings now derived from barley and wheat processing. GrainCorp says it raised $600 million through the issue of new shares to fund the acquisition. The company says on completion of this acquisition it will effectively double in size and become the world’s fourth largest commercial malt producer and a market value on the ASX exceeding $1 billion. Shares in GrainCorp closed 0.9 per cent weaker at $6.63.
Also making news today: Iron ore explorer Centrex Metals Ltd (ASX:CXM) says it has signed a five year hematite ore sales agreement with China’s Shenyang Orient Iron & Steel plus a one year extension option covering the sale of one million tonnes per annum of Wilgerup hematite product.
And oil and gas explorer Bow Energy Ltd (ASX:BOW) has announced a $50 million capital raising to fund the development of a 30 megawatt gas-fired power station to be fuelled from the company’s Blackwater CSG field.
Now to the best and worst performers: The best performing sector at close was the Utilities index, up 22 points at 4,170; while the worst performing sector at close was the Financials excluding Real Estate Investment Trust index; down 80 points at 5,564.
The best performing stock in the S&P/ASX200 was Nexus Energy shares rose 7.14% to $0.375. Shares in Macquarie Media and Molopo Australia also closed higher.
The worst performing stock was St Barbara, shares fell 7.03% to $0.315. Shares in Elders and NAB also closed lower today.
The Aussie dollar is currently buying 92.58 U.S cents and is up almost a cent on the week. Gold is trading at $1106 U.S an ounce and is up $10.85 on the week.
Finally, oil is down 7 cents at $76.87 U.S a barrel.
