Australian shares reversed earlier gains to close lower today dragged down by the banks and mining stocks and following the release of data showing that the economy’s growth slowed to just 0.2% in the September quarter.
The S&P/ASX 200 Index finished 12 points lower at 4,662 while on the futures market, the SPI200’s down 11.
The economic news: The Department of Employment and Workplace Relations reported that its index of skilled job vacancies rose 2.3% to 42.9 between November and December.
To company news around this afternoon: The Australian Competition and Consumer Commission says it will oppose the proposed acquisition of Breville Group Ltd (ASX:BRG) by GUD Holdings Ltd (ASX:GUD). The ACCC says its investigations found that the acquisition would likely lead to a substantial lessening of competition in relation to the wholesale supply of a number of categories of small electrical appliances. GUD says it will review this decision and make an announcement to the market soon. Shares in GUD Holdings closed 1.07 per cent lower at $8.30.
Property investor Stockland (ASX:SGP) says it has lengthened its debt maturity profile to around 6.3 years after buying back $175 million of notes maturing in June 2011 and the issue of $300 million of notes maturing in February 2015. The company says it is pleased with the level of demand and the pricing achieved. Stockland says it continues to maintain strong liquidity, with significant cash on hand and undrawn facilities. Stockland shares closed 1.27 per cent weaker at $3.88.
Also making news: Top airline Qantas Airways Ltd (ASX:QAN) has welcomed the Federal Governments confirmation that it will remove restrictions on the amount of interest in Qantas held by foreign airline shareholders, saying it is an important step forward.
Shares in fashion retailer Noni B Ltd (ASX:NBL) rallied today after the company announced that it expects to report an after tax profit of between $3.4 million and $3.8 million for the six months to December 27 2009, compared to a profit of $2.5 million in the first half of 2009.
Westpac Banking Corporation (ASX:WBC) has again tried to defend its decision to raise interest rates by 45 basis points, by saying that it would do no favours to anyone by offering mortgages at rates that it knows to be unsustainable.
And Lend Lease Group (ASX:LLC) has announced that a consortium including Lend Lease managed funds has been appointed preferred bidder to acquire the 14 assets of the $1.4 billion ING Retail Property Fund.
In the best and worst performers: The best performing sector today was the Telco Services index, which was up 13 points to 1,189. The worst performing was the Real Estate Investment Trust index; which lost 14 points to 848.
The best performing stock in the S&P/ ASX200 was Hastie Group and shares gained 5.14% to $1.74. Shares in PaperlinX and Astro Japan Property Trust also improved.
The worst performing stock was Pacific Brands shares lost 6.15% to $1.145. SMS Management and Technology and Atlas Iron shares also closed lower today.
In commodities, gold is trading at $1,123.70 U.S an ounce and since this morning light crude is down 6 cents at $70.63 U.S a barrel.
