The Australian share market has closed the session weaker today following falls in the big miners on lower commodity prices and declines in retail stocks like Myer and David Jones following poor December retail sales data.
The S&P/ASX 200 Index finished 26 points lower at 4,622 while on the futures market, the SPI200’s down 15.
To company news around this afternoon: Internet service provider iiNet Ltd (ASX:IIN) has successfully defended Federal Court action brought against the company by film industry heavyweights who claimed that iiNet encouraged customers to download films illegally. In the first case of its kind in the world to make it to a hearing, the case had the potential to significantly impact internet service providers and how much they are required to do to prevent internet users from illegally downloading movies. Justice Cowdroy said that iiNet is not responsible if any iiNet user uses the system to bring about copyright infringement, saying that the law recognizes no positive obligation on any person to protect the copyright of another. Shares in iiNet closed 11.11% stronger at $2.20.
Iron ore miner Fortescue Metals Group Ltd (ASX:FMG) says it will vigorously defend itself against claims made by the Australian Securities & Investment Commission, who have decided to appeal a court judgement in favour of the company. The watchdog alleged that Fortescue CEO Andrew Forrest had been dishonest and misled the market in relation a number of deals made with Chinese companies in 2004 regarding a proposed railway in the Pilbara of WA. Chairman Herb Elliot says ASIC’s decision to appeal is disappointing. Fortescue Metals Group shares closed 4.22% weaker at $4.77.
Also making news: Oil major Santos Ltd (ASX:STO) CEO David Knox says the company is in detailed and advanced talks with a number of potential customers in Asia for Liquefied Natural Gas from the company’s proposed Gladstone LNG plant in Queensland.
Resources and investment company Cape Lambert Resources Ltd (ASX:CFE) has withdrawn its Q Copper Australia IPO due to recent adverse market conditions.
Department store chain Myer Holdings Ltd (ASX:MYR) has reported a 2% rise in sales to $1.797 billion for the first half of fiscal 2010.
And Tabcorp Holdings Ltd (ASX:TAH) has reported a 2% fall in earnings for the half year and says that it expects conditions to remain uncertain for the remainder of the 2010 financial year.
In the best and worst performers: The best performing sector at close was the Telco Services index, which was up 16 points at 1,165. At the other end the worst performing sector at close was the Materials index; which fell 177 points at 11,998.
The best performing stock in the S&P/ ASX200 was Platinum Australia shares gained 4.43% to $1.06. Shares in Extract Resources and Macquarie Countrywide also improved.
The worst performing stock was Karoon Gas Australia shares fell 11.26% to $5.91. The company says it has decided to finish a drill stem test of the Montara Formation reservoir immediately after reviewing flow and pressure data. CSR and IOOF Holdings shares also closed lower today.
In commodities, gold is trading at $1,110.80 U.S an ounce and light crude is up 9 cents at $77.07 U.S a barrel.
