The Australian share market has closed lower today, however gains in the miners helped to lift stocks from earlier lows.
Debt problems in some European countries continue to dampen investor sentiment causing concern for the global economic recovery.
The S&P/ASX 200 Index finished 16 points lower at 4,505 while on the futures market, the SPI200 is flat.
To company news around this afternoon: Mining equipment supplier Bradken Ltd (ASX:BKN) has reported a 26% dive in first half profit. The company posted a profit of $25.7 million for the six months to December 31, 2009 - down from $34.93 million in the same period in 2008. Managing director Brian Hodges says the result reflects a drop in trading levels, especially in overseas operations, due to the economic crisis, but is expecting improved second half earnings. Bradken shares closed 11.62% higher at $6.53.
Diversified property group Australand Ltd (ASX:ALZ) has posted a 31% decline in profit to $120.2 million for the 2009 calendar year. The company says it reported a statutory loss for the year of $298.2 million, reflecting revaluation losses on investment properties and non-recurring finance costs. Managing director Bob Johnston predicts a similar result for 2010, but says he expects the company’s investment property earnings to grow steadily. Shares in Australand closed 2.25% higher at $0.455.
Also making news: Challenger Diversified Property Group (ASX:CDI) has posted a loss of $13.7 million for the first half of fiscal 2010 - an improvement on its $58.6 million loss during the same period a year before.
And mineral explorer Global Iron (ASX:GFE) has acquired African Petroleum, an oil exploration company, for $500 million, gaining the rights to two oil and gas exploration blocks in offshore Liberia.
Investment bank Macquarie Group (ASX:MQG) says it expects its second half profit to be in line with its first half result of $479 million below analyst expectations.
And high-end retailer David Jones Ltd (ASX:DJS) is flagging a 10% rise in first half and full year profit on the back of strong second-quarter sales results released today.
In the best and worst performers: The best performing sector at close was the Healthcare index, which was up 69 points at 8,378. At the other end the worst performing sector at close was the Financials excluding the Real Estate Investment Trust index; which fell 63 points at 5,195.
The best performing stock in the S&P/ ASX200 was Bradken, price as mentioned before. Shares in Panoramic Resources and Gunns also improved.
The worst performing stock was Macquarie Group shares fell 6.1% to $47.28. Tabcorp Holdings and Roc Oil Company shares also closed lower today.
In commodities, gold is trading at $1,068.50 U.S an ounce and light crude is down 18 cents at $71.71 U.S a barrel.
