The Aussie market closed in the red today with resource companies hit by profit-taking and following a flat lead from Wall St overnight.
The S&P/ASX 200 Index finished 51 points lower at 4,900 while on the futures market, the SPI200’s down 42.
To company news around this afternoon: Media giant, News Corporation (ASX:NWS) has announced that The Australian newspaper will become a stand-alone division within News Corp as part of an aggressive and ambitious growth strategy, according to the Sydney Morning Herald. The paper reports News Corp saying the announcement reflects the significant expansion of the ambitions for the Australian and aims to enter an unprecedented era of growth by creating a separate division and deploying more resources. SMH says the company intends to not only sell more papers but also expand the Australian’s online presence, mobile phones in addition to new platforms. Chief Executive of News Ltd’s digital division, Richard Freudenstein will head the new division. News Corp shares closed 0.67 per cent weaker at $17.74.
Manufacturing and marketing company GUD Holdings Ltd (ASX:GUD) expects its first half earnings before interest and tax for fiscal 2010 to be 10% above the same period last year. Based on trading today expectations for the full year will be in the vicinity of $64-68 million. GUD will release its results for the first half on 27th January 2010. Shares in GUD Holdings closed 5.81 per cent stronger at $9.47.
Also making news: Blackthorn Resources (ASX:BTR) has signed a heads of agreement with Swiss mining and commodities trading giant Glencore International, to develop and operate the Perkoa Zinc Mine Project.
Minerals exploration company Ramelius Resources Ltd (ASX:RMS) says the market value of its takeover bid for Dioro Exploration NL (ASX:DIO) is equivalent to a rival offer by Avoca Resources Ltd. (ASX:AVO)The company says the dollar value of its shares have actually increased as Ramelius’ price has risen and the market value of the offer is equivalent to the Avoca bid. More significantly, the company also believes that receiving Ramelius shares will be more likely to result in the value of shareholders investment growing in the future.
Building products and sugar business CSR Ltd (ASX:CSR) has responded to a media statement from China’s Bright Food Group regarding the possible acquisition of CSR’s sugar and renewable energy business saying that the company has merely made an expression of interest and has not made any proposal capable of acceptance by CSR.
And global education provider Navitas Ltd (ASX:NVT) has announced it is to partner with Western Kentucky University to establish a university pathway college at the university’s main campus.
In the best and worst performers: All sectors closed in the red today however one of the sectors with the smallest loss at close was the Utilities index, which was down 4 points to 4,340. One of the worst performing by percentage points was the Materials index; which lost 243 points to 13,131.
The best performing stock in the S&P/ ASX200 was GUD Holdings, price as mentioned before. Shares in CSR and Platinum Australia also improved.
The worst performing stock was Southern Cross shares lost 5.58% to $1.86. Lynas Corp and Kagara shares also closed lower today.
In commodities, gold is trading at $1,153.40 U.S an ounce and light crude is down 61 cents at $81.91 U.S a barrel.
