The Australian share market closed lower today as worries about a slowdown in the US economy lingered and data showed an easing in China’s gross domestic product growth.
Data released today showed that the Chinese economy grew 10.3% in the second quarter, the figure coming in just below forecasts for growth of 10.5%.
The S&P/ASX 200 Index is down 20 points to finish at 4,443. And on the futures market, the SPI200 is down 13 points.
To company news around this afternoon: Fortescue Metals Group (ASX:FMG) has forecast that iron ore production will be moderately lower in the September quarter because of maintenance work. The miner says it expects to produce around nine to 10 million tonnes of iron ore in the quarter. In its June quarter update, Fortescue says shipments hit a run rate of 43 million tonnes per annum. In other news, Fortescue has upgraded resource estimates from 2.7 to 2.86 billion tonnes, for its Solomon mining project in the Pilbara of Western Australia. Shares in Fortescue closed down 4.11% at $4.20
Suncorp-Metway Ltd (ASX:SUN) has announced that its 50% shareholdings in the Royal Automobile Association of South Australia (RAA) and the Royal Automobile Club of Queensland (RACQ) insurance joint ventures have been independently valued at a total price of $348 million. The company expects both transactions to be reported as part of its financial result for the year to June 30, 2010. Suncorp says the combined tax profit for both transactions is anticipated to be between $110 million and $125 million, subject to finalisation of the tax treatment. Shares in Suncorp-Metway closed 0.36% down at $8.41
Also making news: Melbourne-based Oz Minerals Ltd (ASX:OZL) has approved the development of an underground mine at Prominent Hill to commence in October, with the first ore to be mined in 2011.
Australand Property Group (ASX:ALZ) says it has established a $1.3 billion unsecured syndicated bank debt facility, replacing existing secured facilities totaling $1.15 billion.
Sigma Pharmaceuticals (ASX:SIP) has downgraded its net profit guidance from $80 million to between $43 and $47 million for the year to January 2011.
Leighton Holdings Ltd (ASX:LEI) has secured a $700 million contract adjustment to ramp up production at a southern Mongolian coal mine to 15 million tonnes per year by January 2013.
In the best and worst performers: The best performing index at close was the Industrials sector up 75 points at 3,391. The worst performing index at close was the Health Care sector, down at 132 points at 8,174.
The best performing stock in the S&P/ ASX200 was Intoll Group, shares rose 30.04% to $1.45. Shares in Avoca Resources and ConnectEast Group also closed higher. The worst performing stock was Nufarm, shares fell 28.44% to close at $3.75. Shares in Biota Holdings and Murchison Metals also closed weaker today.
In commodities, gold is trading at $1,210 U.S an ounce, and light crude is down $0.40 at $76.64 U.S a barrel.
