The Australian share market closed lower today for the third consecutive session as concerns about the global economic outlook continued to worry investors.
The S&P/ASX200 index is down 64 points at 4,358 and on the futures market, the SPI200 is down 80.
To company news around this afternoon: Chairman of Fairfax Media Ltd (ASX:FXJ), John B. Fairfax will step down from the board after an association with the company of almost 50 years. Mr Fairfax says he will retire at the end of his present term, after having worked as a Fairfax journalist, executive and director.The change comes amidst Fairfax’s re-invigoration programme at a time of strategic changes. Mr Fairfax says he looks forward to contributing to the board for the next few months and remaining a supporter of Fairfax through his family company Marinya Media Pty Ltd. Shares in Fairfax Media closed down 2.41% at $1.42
Oil and gas producer Santos Ltd (ASX:STO) has executed a $2 billion bilateral bank loan facility. The funds will be used to refinance the company’s existing $700 million of undrawn bank facilities maturing between 2011 and 2014, and to increase liquidity. CFO Peter Wasow says the refinancing of the facilities will enable the company’s growth, adding significant liquidity for the construction of the Gladstone and Papua New Guinea liquefied natural gas projects. Shares in Santos closed 0.44% up at $13.71
Also making news: North Queensland Metals (ASX:NQM) says it expects to report net profit after tax of $4.5 million for the 2010 fiscal year, down 19% on last year. However the company says EBITDA has grown from $12.8 million in fiscal 09 to $16.3 million in fiscal 2010.
Iron ore and coal miner Aquila Resources (ASX:AQA) has announced that its wholly owned subsidiary, Washpool Coal Pty Ltd, has completed a feasibility study that confirms the technical and economic viability of the Washpool Hard Coking Coal Project.
Iron ore explorer Sundance Resources Ltd (ASX:SDL) shares have taken a plunge as the company today recommenced trading on the ASX. A new board and leadership team are in place to take the company forward.
Healthscope (ASX:HSP) has unanimously recommended that shareholders accept a cash offer of $6.26 per share from a consortium of TPG and Carlyle, valuing Australia’s second largest hospital operator at $2.7 billion.
In the best and worst performers: The best performing index at close was the Health Care sector up 52 points at 8,162. The worst performing index at close was the Industrials sector, down 68 points at 3,322.
The best performing stock in the S&P/ ASX200 was Healthscope, shares rose 10% to $5.94. Shares in Ramsay Health Care and Linc Energy also closed higher.
The worst performing stock was Aquarius Platinum, shares fell 24.52% to close at $3.97. Shares in Carnarvon Petroleum and Sundance Resources also closed weaker today.
In commodities, gold is trading at $1,191.90 U.S an ounce, and light crude is down $0.13 at $75.88 U.S a barrel.
