The Australian share market closed flat today, recovering from a fall earlier in the session, with strength in the miners offsetting losses in property trusts, utilities and energy stocks.
The S&P/ASX200 index is down 6 points at 4,524 and on the futures market, the SPI200 is down 14.
To company news around this afternoon: Nufarm Ltd (ASX:NUF) says US and Canadian regulators have confirmed a final agreement to ensure appropriate levels of competition, following the company’s takeover of AH Marks Holdings in 2008. The agricultural chemical producer says it has been involved in negotiations for the past 18 months with the overseas regulators concerning the sale and transfer of product registrations, and restructuring of supply agreements. Nufarm has confirmed the agreement will not affect the value it expects to secure from the AH Marks acquisition. Shares in Nufarm closed 0.53% lower at $3.76
Gas and electricity producer Arrow Energy Ltd (ASX:AOE) has reported strong growth, total sales up 113% at $159.21 million for fiscal 2010. The company says year to date gross gas production was up 22.5%, gross gas sales up 101.7% and gross electricity sales up 127% compared to the prior year. Arrow shareholders have also approved a takeover from Royal Dutch Shell and PetroChina, with the acquisition terms still subject to approval by the Federal Court. Shares in Arrow Energy closed steady at $4.68
Also making news: According to Reuters, Chinese company Aluminum Corp of China, or Chinalco, is buying a US$1.4 billion stake in a Rio Tinto (ASX:RIO) iron ore mine in West Africa.
Also, Gold producer St Barbara Ltd (ASX:SBM) has met its guidance for the 2010 fiscal year, producing 231,000 ounces of gold.
Austar United Communications Ltd (ASX:AUN) has posted a 42% drop in net profit, to $20.69 million, on revenue of $351.9 million, up 6.3% for the six months to 30 June.
Shopping centre developer, Centro Properties Group (ASX:CNP) says it has completed financing arrangements for around US$2.7 billion of US$3.2 billion debt within the Super LCC joint venture.
In the best and worst performers: The best performing index at close was the Materials sector up 37 points at 12,092. The worst performing index at close was the Real Estate Investment Trusts sector, down 17 points at 859.
The best performing stock in the S&P/ ASX200 was Carvarvon Petroleum, shares rose 10.81% to $0.41. Shares in Sundance Resources and Mt Gibson Iron also closed higher. The worst performing stock was AWB, shares fell 6.83% to close at $.955. Shares in Charter Hall Retail and Sigma Pharmaceuticals also closed weaker today.
In commodities, gold is trading at $1,167.85 U.S an ounce, and light crude is up $0.14 at $77.13 US a barrel.
