The Australian share market has closed weaker despite positive leads from offshore markets overnight. Investors pulled back on mounting concern of the health of the global economy.
The S&P/ASX 200 Index down 21 points to finish at 4,255. And on the futures market, the SPI200’s down 17 points.
In economic news: The AIG Housing Industry Association performance of construction index, dropped 6.6 points to a read of 46.4 in the three months to June. Any read below 50 indicates contraction in the sector.
To company news around this afternoon: National Australia Bank Ltd (NAB) says it will continue to pursue its $13.3 billion takeover of AXA Asia Pacific Holdings (ASX:AXA). In its half year update Chairman Michael Chaney told investors that the bank will continue to consider options to obtain approval from the Australian Competition and Consumer Commission. The ACCC blocked NAB’s bid in April on concern it would lessen competition retail investment platforms. Shares in NAB closed 1.32% higher at $23.09.
Gold producer Focus Minerals Ltd (ASX:FML) has announced that they are on track to produce its calendar year production target. Gold production at its Western Australian Coolgardie operations has increased by 52% to 62,000 ounces in the 2009 fiscal year. Focus CEO Campbell Baird says the strong production result puts the company on track to produce 80,000 ounces for the 2010 calendar year. Mr Baird says it has been a time of extraordinary growth and activity for the company. Shares in Focus Minerals closed down 2% at $0.049
Also making news: Sandfire Resources (ASX:SFR) has announced the discovery of a significant sulphide reserve in the DeGrussa copper-gold project in Western Australia, reinforcing the substantial exploration potential of the area.
Sydney-based investment company China Century Capital Ltd (ASX:CCY) has signed an alliance agreement with investment group Jinji Resource Pty Ltd, allowing the partners to collaborate on projects.
Sigma Pharmaceuticals Ltd (ASX:SIP) has received a new offer from Aspen Pharmacare at $0.55 cash per Sigma share.
And Wesfarmers Ltd (ASX:WES) has announced the appointment of a new director of the company, Ms Vanessa Wallace, who’s appointment will bring the Board’s membership to eleven.
In the best and worst performers: The best performing sector at close was the Consumer Staples index, up 14 points at 7,235. The worst performing sector was the Utilities index down 64 at 4,049.
The best performing stock in the S&P/ ASX200 was Sigma Pharmaceuticals, shares rose 13.92% to $0.45. Shares in Ansell and ING Industrial Fund also closed higher.
The worst performing stock was Cudeco, shares fell 13.73% to close at $4.21. Shares in Infigen Energy and Carnarvon Petroleum also closed weaker today.
In commodities, gold is trading at $1,189 U.S an ounce, and light crude is up $0.05 at $72.03 U.S a barrel.
