The Australian share market has closed the session lower today ahead of the Anzac long weekend, with the miners and banks dragging on the market on weaker commodities and growing speculation that Greece may default on its sovereign debt.
And Australia has been ranked the 8th wealthiest country in the world by the International Monetary Fund after surviving the global financial crisis when many others went under.
The S&P/ASX 200 Index finished 26 points lower at 4,882, down 103 points on the week, while on the futures market, the SPI200’s down 29.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index closed 116 points higher for the four trading days this week. The S&P500 Index gained 17, the NASDAQ rose 38 and the 100 index lifted 32 points.
To company news around this afternoon: Oil and gas company Oil Search Ltd (ASX:OSH) says it expects to produce 7.2 to 7.4 million barrels of oil equivalent in 2010. The company also says it plans to reinvest a large amount of its earnings from the Papua New Guinea liquefied natural gas joint venture operated by ExxonMobil, into growth opportunities. Managing director Peter Botten says the PNG LNG project will contribute 18 million barrels of oil equivalent a year to Oil Search when the project plateau’s in 2015. Chairman Brian Horwood says once in production Oil Search expects substantial revenues to flow from the project to the company. Shares in Oil Search closed 1.2% weaker at $5.76.
Takeover target Macarthur Coal Ltd (ASX:MCC) says it has allowed US coal giant Peabody Energy access to its data room to commence due diligence on the company. Peabody has until May 3, 2010 to complete its due diligence review. The US coal company sweetened its offer for Macarthur to $16 a share, valuing the target at $4.069 billion, trumping a cash and scrip bid by New Hope Corporation (ASX:NHC) which would see Macarthur shareholders receive either 2.7 shares for each Macarthur share or $14.50 a share. The takeover bids tore apart Macarthur’s plans to merge with fellow coal miner Gloucester Coal Ltd (ASX:GCL) with the proposal rejected by shareholders of Gloucester’s largest shareholder Noble Group. Macarthur Coal shares closed 0.19% lower at $16.15.
Also making news: A report in the Australian Financial Review this afternoon says that chairman of wood chipping company Gunns Ltd (ASX:GNS), John Gay is to announce his exit from the company.
And CBH Resources Ltd (ASX:CBH) placed its shares in a trading halt today saying it is in discussions which may resolve uncertainties arising from two takeover bids from Toho Zinc and Nyrstar. The company also advised that it had cancelled its April 28 shareholder meeting.
In the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 12 points at 894. The worst performing sector was the Health Care index; down 392 points to 8,665.
In the S&P/ ASX200 CSR was the best performing today following news that the Federal Court had upheld the company’s appeal against the Federal Court’s rejection of its demerger, shares rose 5.62% to $1.785. Meanwhile shares in Prime Infrastructure Group and PaperlinX also closed stronger today.
The worst performing stock was CSL, shares fell 7.27% to $33.94. The company’s shares took a hit following news that its US rival Baxter International had cut its full year earnings forecasts. Shares in ROC Oil and Nufarm also closed weaker today.
And finally, the Aussie dollar is trading at 91.95 US cents - and is down around half a cent on the week. In commodities, gold is trading at $1,140.20 U.S an ounce and is down $5.60 on the week, and light crude is $0.27 lower at $83.43 U.S cents a barrel.
