Aussie stocks closed the session lower today with the market unable to hold onto earlier gains achieved on the back on merger activity in coal and sugar. It was a quiet day on the market ahead of the US Independence Day market holiday.
The S&P/ASX 200 Index fell 17 points to finish at 4,222. And on the futures market, the SPI200’s down 36 points.
In economic news: The Australian Federal Chamber of Automotive Industries says sales of new vehicles set a record for June, rising 5.7%.
To company news around this afternoon: North Queensland Metals Ltd (ASX:NQM) has recommended that shareholders accept an $84 million scrip offer from Heemskirk (ASX:HSK) who outbid Conquest Mining (ASX:CQT). Heemskirk is offering 1.2 of their shares for every one North Queensland Metals shares held. Chairman of North Queensland Metals, Neville Thomas says Heemskirk understands the value of the Pajingo gold project and the offer clearly reflects that. Shares in North Queensland Metals closed 24.07% higher at $0.335.
According to a report in the Australian Associated Press, Challenger Financial Services Group Ltd. (ASX:CGF) has launched a new equities firm called Alphinity Investment Management. Alphinity will offer a boutique style service comprising of five professionals. The boutique firm will start to manage investors finances from July 12. According to AAP, Challenger began it’s boutique strategy back in 2005, and currently has $6.7 billion dollars in funds under management. Shares in Challenger Financial Services Group Ltd. closed 1.16% weaker at $3.40.
Also making news: Bendigo and Adelaide Bank (ASX:BEN) has announced a $750 million offer in residential mortgage-backed securities, its second such offering this year.
Emerging copper and gold miner Queensland Mining Corp (ASX:QMN) has identified a new copper gold zone at its Flamingo Project in Cloncurry, Queensland.
Coal miner Centennial Coal Company Ltd (ASX:CEY) has recommended that shareholders accept a takeover offer from Thailand’s Banpu Company in the absence of a superior one.
And CSR Ltd (ASX:CSR) agrees to sell its sugar and renewable energy business, Sucrogen Wilmar International for $1.75 billion.
In the best and worst performers: The best performing sector at close was the Energy index, up 129 points at 13,920. The worst performing sector was the Industrials index, down 37 points at 3,154.
The best performing stock in the S&P/ ASX200 was Centennial Coal, shares rose 31.9% to $5.83. Shares in Elders and Energy World Corp also closed higher.
The worst performing stock was AWE, shares fell 7.2% to close at $1.61. Shares in Prime Infrastructure and Biota Holdings also closed weaker today.
In commodities, gold is trading at $1,212 dollars 75 U.S an ounce, and light crude is down $0.49 at $72.63 U.S a barrel.
