The Aussie market has closed lower today with declines in the major banks like Westpac outweighing gains in energy stocks like Origin Energy and retailers on a bigger than expected rise in retail sales for November.
The S&P/ASX 200 Index finished 22 points lower at 4,899 while on the futures market, the SPI200’s down 29.
To company news around this afternoon: Iron ore miner Fortescue Metals Group Ltd (ASX:FMG) has appointed Stephen Pearce as Chief Financial Officer. Mr Pearce, who will begin his appointment from the 2nd of March, previously held the role of managing director at Southern Cross Electrical Engineering for the past 18 months. Fortescue says Mr Pearce comes from an extensive career in finance, having held senior positions with Alinta, Woodside and Sons of Gwalia. Fortescue Metals Group shares closed 0.58 per cent weaker at $5.17.
India’s Jindal Steel & Power has sold part of its stake in Rocklands Richfield Ltd (ASX:RCI) which it currently has in its sights to takeover. Jindal Steel & Power is currently locked in a heated battle with China’s Meijin Energy Group to take control of Rocklands Richfield, with a 56 cents a share offer on the table. Shares in Rocklands Richfield closed 15.73 per cent lower at $0.375.
Also making news: Toro Energy Ltd (ASX:TOE) has been given the green light from the Western Australian Government for a resource evaluation test pit at the company’s Wiluna Uranium Project. The test pit is a key component of Toro Energy’s bankable feasibility study for the project.
A subsidiary of construction, resources and infrastructure company VDM Group Ltd (ASX:VDM), has been awarded a $14.1 million contract by BHP Billiton Nickel West for work at the Talc Redesign Project at Mt Keith. This takes the group’s recently awarded contracts to $200 million with the company’s order book now standing at over $415 million.
Supplier of goods and services to the resources sector Mineral Resources Ltd (ASX:MIN) has increased the cash component of its takeover offer for Polaris Metals NL (ASX:POL).
And Woolworths (ASX:WOW) is rumoured to be looking at the country's biggest maker of pre-mixed drinks, Independent Liquor, as a potential supplier for its fast-growing, private-label beer business.
In the best and worst performers: The best performing sector today was the Energy index, which was up 101 points to 16,620. The worst performing by percentage points was the Telco Services index; which lost 21 points to 1,141.
The best performing stock in the S&P/ ASX200 was Kagara shares gained 9.91% to $1.22. Shares in Atlas Iron and APN News & Media also improved.
The worst performing stock was OM Holdings shares lost 4.5% to $1.91. Boart Longyear and Medusa Mining shares also closed lower today.
In commodities, gold is trading at $1,133.75 U.S an ounce and light crude is down 47 cents at $82.71 U.S a barrel.
