The local share market has closed the session lower this afternoon with the miners taking a beating on a fall in metals prices. Investors took a step back today ahead of key US jobs data.
The S&P/ASX 200 Index closed 37 points lower at 4,449, down 11 points on the week, while on the futures market, the SPI200’s down 19.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index closed 119 points stronger for the four trading days this week. The S&P500 Index up 13 points, the NASDAQ gained 46 and the 100 index advanced 43 points.
To company news around this afternoon: Shipbuilder Austal Ltd (ASX:ASB) has been awarded a $35 million contract to provide two high speed catamaran ferries to a Guadeloupe based ferry operator. The vessels will be built at Austal’s Western Australian facility and are scheduled for delivery in mid-2011. In April the company signed a vessel maintenance contract worth $4.4 million with Oman’s National Ferries Company. Shares in Austal closed 6.09% lower at $2.16.
There are reports circulating that US hospital operator Tenet Healthcare could have to withdraw its takeover bid for Aussie private hospital owner Healthscope Ltd (ASX:HSP) after one of its key investors revolted. Tenet made a $5.80 a share bid to acquire the company, matching an offer from another bidder and above a $5.75 a share offer made by a consortium of investors. It is believed that Tenet’s fourth largest shareholder, US Oracle Investment Management, is not happy with the approach made to Healthscope and is putting pressure on the company to drop its offer. Shares in Healthscope closed 1.07% weaker at $5.54.
Also making news: Junior explorer Cazaly Resources Ltd (ASX:CAZ) has appointed Pacific National Bulk Rail as its preferred rail haulage provider for its Parker Range project in Western Australia.
And Minara Resources Ltd (ASX:MRE) has reaffirmed its full year production guidance of between 30, 000 and 34,000 tonnes of nickel, with year to date production tracking at the lower end of this range.
Taking a look back at some of the stories that made headlines this week: National Australia Bank Ltd (ASX:NAB) has identified potential buyers for AXA Asia Pacific Holdings Ltd’s (ASX:AXA) retail North investment platform in a move to pacify the ACCC and push its bid for the company over the line. AXA and NAB have also agreed to extend the period for the bank to address the ACCC’s concerns.
QBE Insurance Group (ASX:QBE) says that it has enough protection to cover any claims that may arise from the disastrous oil spill in the Gulf of Mexico and an increase in UK motor liability claims.
And engineering and infrastructure company Downer EDI Ltd (ASX:DOW) says it expects full year profit to be in line with previous guidance despite saying it will book a $70 million pre-tax impairment charge and the need for a further $190 million in funding for its NSW train carriages project.
In the best and worst performers: The best performing sector at close was the Health Care index, up 122 points at 8,306. The worst performing at close was the Materials index; down 215 points at 11,524.
In the S&P/ ASX200 the best performing stock was Carnarvon Petroleum with shares up 4.48% to $0.35. Meanwhile shares in Australian Worldwide Exploration and Ardent Leisure Group also closed stronger today.
The worst performing stock was iSoft Group for the third day in a row, shares dropped 6.94% to $0.335. Shares in Kagara and PaperlinX also closed weaker today.
And finally, the Aussie dollar is trading at 84.46 US cents - and is flat on the week. In commodities, gold is trading at $1,203.80 U.S an ounce and is down $10.01 on the week, and light crude is down 28 cents at $74.33 U.S a barrel.
