The Australian share market has slipped into negative territory as wary investors take profits from banks and financial stocks ahead of earnings reports by US banking giants.
The S&P/ASX 200 Index finished 50 points lower at 4,861 while on the futures market, the SPI200’s down 40.
To company news around this afternoon: Minara Resources Limited (ASX:MRE) has released its quarterly report for December 2009 today. The leading Australian resources company achieved production of 8,675 tonnes of nickel and 512 tonnes of cobalt at its 60% owned Murrin Murrin operations, up from 7,836t of nickel and 506t of cobalt in the previous corresponding period. Minara says Murrin Murrin production guidance for CY10 is 30,000 - 34,000t of nickel, while two planned maintenance shutdowns scheduled for January should not impact production. The company had $247.1 million cash in hand at 31 December 2009, up from $202.1 million on 30 September 2009. Minara Resources shares closed 1.86% higher at $82cents.
Travel Agency Flight Centre Limited (ASX:FLT) upgraded its profit expectation for the 2010 fiscal year today.After initially targeting a $125-$135million dollar pre-tax profit, the company now expects a $160-$180million trading result. The revised guidance represents up to 80% growth on the $99.8million achieved for fiscal 2009 and follows a stronger than expected first half. Managing Director Graham Turner says pre-tax profit for the half to December 31st 2009 was expected to be $70-74million, a 13% to 19% improvement on the corresponding period during 2008 to 2009. Shares in Flight Centre closed 7.34% higher at $19dollars.
Also making news: Alamar Resources Ltd (ASX:ALG) has announced the planned 6000m Yandal Gold drill program has commenced. The program consists of approximately 150 holes. The drill program should take approximately 3 weeks to complete.
Charter Hall Group (ASX:CHC) has invited investor participation in its new 130 Stirling Street Property Trust. Under the offer, Charter Hall is seeking to raise up to $40.6 million to purchase the recently completed office on the fringe of Perth’s CBD.
Taking a look at some of the stories covered in our earlier reports: Mining giant BHP Billiton Ltd (ASX:BHP) is reportedly to inject US$267 million into the development of its coking coal mine and terminal expansion in Queensland.
And Miner Oz Minerals Ltd (ASX:OZL) has decided to exercise its ‘anti-dilution rights’ in explorer IMX Resources Ltd (ASX:IXR) and take up its full $3.8 million entitlement in the explorers placement.In the best and worst performers: The best performing sector today was the Materials index, which was down 95 points to 12,908. The worst performing by percentage points was the Utilities index; which lost 79 points to 4,216.
The best performing stock in the S&P/ ASX200 was Computershare. Shares gained 8.2% to $12.40. Shares in Flight Centre and Karoon Gas Australia also improved.
The worst performing stock was Mermaid Marine. Shares lost 5.48% to $2.93. IRESS and Ausenco shares also closed lower today.
In commodities, gold is trading at US$1,137.10 an ounce and light crude is down 33 cents at $78.33 U.S a barrel.
