The Aussie market closed slightly lower despite spending most of the day in positive territory. The financial, telco and consumer staples sectors were a drag while materials shares generally gained.
The S&P/ASX 200 Index finished 13 points lower at 4,638 while on the futures market, the SPI200’s down 18.
The economic news, the Australian Bureau of Statistics showed that new vehicle sales rose 5.5% in November from October. This is the biggest gain in five months.
To company news around this afternoon: Port Hedland’s major iron ore export terminal, which is mainly used by BHP Billiton (ASX:BHP) has been closed today because a powerful cyclone is threatening the area. Cyclone Laurence is heading towards the Pilbara and BHP said it is expecting some disruptions to iron ore operations because of heavy rain but it is continuing to mine at the moment. BHP shares finished the day 0.90% higher at $40.95.
Asciano (ASX:AIO) has entered into new debt facility agreements with existing financiers and some new ones and says it now has no debt due for two-and-a-half years. Asciano also said it will not be paying a first half dividend for the six months ended December 31. Asciano shares closed 2.8% lower at $1.72.
Also making news: Nufarm (ASX:NUF) shares declined as the Australian Financial Review reported that the takeover offer from China’s Sinochem is sticking over price. The deadline for a binding agreement is on Wednesday and Nufarm has said it won’t accept a bid at less than $13 a share.
Centro Retail Trust (ASX:CER) and Centro Properties Group (ASX:CNP) announced that they had both extended loans set to expire this month.
Taking a look at some of the stories covered in our earlier reports: Qantas (ASX:QAN) shares jumped today as it says it expects to report a profit before tax of between $50 and $150 million for the first half of the 2010 financial year. While the result is lower than the same period a year ago, it is a big improvement on the loss reported in the second half of 2009.
Lend Lease (ASX:LLC) has won the development rights to build the first stage of the $6 billion Barangaroo project. As part of the agreement, Lend Lease will pay hundreds of millions of dollars to the NSW government over eight years to secure its part in the project.
In the best and worst performers: The best performing sector today was the Materials index, which was up 48 points to 12,129. The worst performing by percentage points was the Telecommunications index; which lost 43 points to 1,130.
The best performing stock in the S&P/ ASX200 was Qantas on its upbeat earnings guidance and shares gained 5.11% to $2.88. Shares in Eldorado Gold and Aquarius Platinum also improved.
The worst performing stock was Nufarm as the market worries the Sinochem deal won’t go ahead and shares lost 4.86% to $10.57. Australian Worldwide Exploration and Telstra shares also closed lower today.
In commodities, gold is trading at $1,113.10 U.S an ounce and light crude oil is at $74 U.S a barrel.
