The local share market has closed the session lower today weighed down by concern for global economic growth following China’s move to increase bank reserves which overshadowed stronger than expected GDP data out of Japan.
The S&P/ASX 200 Index finished 17 points lower at 4,546 while on the futures market, the SPI200 is down 7 points.
To company news around this afternoon: Engineering and construction company Leighton Holdings Ltd (ASX:LEI) subsidiary Thiess has secured an $800 million contract from Wesfarmers Curragh to continue overburden pre-strip at its Curragh North Mine in Queensland’s Bowen Basin. The new contract will see Thiess at the mine for a further ten years after originally beginning work at the mine in October 2004 and being awarded a $260 million contract extension in 2008. Thiess will invest a further $50 million into the project by introducing a new fleet of Ultra Class trucks to complement the existing plant at the mine. Shares in Leighton Holdings closed 0.72% stronger at $37.56.
Coal miner New Hope Corporation Ltd (ASX:NHC) says it expects to report net profit after tax of between $100 and $110 million for the half year to January 31, 2010. The miner says the result is lower than the same period a year ago due to reduced earnings from treasury operations and following the payment of $638 million in dividends and $769 million in tax during the first half period. The company says saleable coal production for the six months to January 31, 2010 came to 2.82 million tonnes, 15% above the same period a year before. Sales for the half year came to 2.813 million tonnes up 24% on the previous corresponding period. Shares in New Hope closed 0.45% higher at $4.51.
Also making news: IT services provider ASG Group Ltd (ASX:ASZ) has posted a 32.5% rise in net profit after tax to $6.5 million for the six months to December 31, 2009. The company says it is also currently assessing a number of acquisition opportunities which it expects to be in a position to announce in the second half of fiscal 2010.
Emerging lithium producer Galaxy Resources Ltd (ASX:GXY) has signed an off-take agreement with Mitsubishi Corporation for a significant proportion of its battery grade lithium carbonate production.
Steel maker BlueScope Steel Ltd (ASX:BSL) says it expects to report a small profit for the full year on an increase in domestic and export demand despite posting a loss for the first half this morning.
And regional lender Bendigo and Adelaide Bank Ltd (ASX:BEN) has doubled its profit for the half year and is optimistic about the future. Net profit after tax jumped 105.7% to $104.1 million for the six months to December 31, 2009.
In the best and worst performers: The best performing sector at close was the Health Care index, up 96 points at 8,437. At the other end, the worst performing sector at close was the Real Estate Investment Trust index; which fell 15 points at 851.
The best performing stock in the S&P/ ASX200 was AWB, shares gained 9.09% to $1.08. The company has agreed to pay $39.5 million to shareholders to settle class action brought against the company, shareholders claim they have suffered losses as a result of the company’s involvement in the Iraqi Kickbacks scandal. Shares in Hills Industries and Bendigo and Adelaide Bank also improved.
The worst performing stock was Energy World Corp, shares fell 6.9% to $0.27. Macarthur Coal and Crane Group shares also closed lower today.
In commodities, gold is trading at $1,093.80 U.S an ounce and light crude is up a cent at $74.14 U.S a barrel.
