The Australian share market closed lower for the second consecutive day, weighed down by negative earnings reports such as Macquarie Group Ltd
(ASX:MQG). The S&P/ASX 200 Index is down 31 points to finish at 4,494 up 35 points for the week. And on the futures market, the SPI200 is down 32 points.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index closed 42 points up for the four trading days this week. The S&P500 Index is down 1 point, the NASDAQ is down 18 points and the 100 index is down 15.
To company news around this afternoon: Exploration and production company Origin Energy Ltd (ASX:ORG) has reported annual sales revenue growth, up 10% to $632 million, attributing the result to higher sales volumes and product prices. For the year Origin produced 104 petajoules, in line with the previous fiscal year. Origin posted a 28% increase in production for the June quarter, compared to the prior quarter, while sales revenues grew 43% to $203 million. Shares in Origin Energy closed 1.22% lower at $15.44
Buderim Ginger Ltd (ASX:BUG) says it expects significant trading improvements for the first half of this year compared to the same time last year. The Queensland agribusiness says unaudited accounts for the six months to 30 June show a rise in EBITDA from $434,000 in 2009 to more than $1.3 million in 2010, on an unchanged revenue base of over $40 million. Chairman Stephen Maitland says despite uncertain economic conditions, the strength of the Australian dollar, and the short supply of the Australian ginger crop this year, Buderim Ginger’s full year projections show EBITA rising from $800,000 in 2009 to around $5 million in 2010. Shares in Buderim Ginger last traded at $0.22
Also making news: In its quarterly activities report, Sundance Resources Ltd (ASX:SDL) says it is on schedule to complete a definitive feasibility study of its iron ore project in Cameroon by the end of this year.
In its quarterly activities report, Cockatoo Coal Ltd (ASX:COK) has affirmed it has entered into a conditional agreement to acquire interests in three coal projects located in the Surat Basin in Queensland for $105.5 million.
Macquarie Group Ltd (ASX:MQG) says earnings in the June quarter were slightly higher than the corresponding 2009 period, but the outlook is less certain, with weak global market conditions likely to affect its key businesses.
GrainCorp Ltd (ASX:GNC) and AWB Ltd (ASX:AWB) plan to merge to create one of Australia’s leading diversified agribusiness groups with a combined market cap of $2 billion and revenues of $7 billion.
In the best and worst performers: The best performing index at close was the Utilities sector up 20 points at 4,183. The worst performing index at close was the Energy sector, down 131 points at 14,622.
The best performing stock in the S&P/ ASX200 was Hastings Diversified Utilities Fund, shares rose 3.79% to $1.37. Shares in AWB and Elders also closed higher. The worst performing stock was Carnarvon Petroleum, shares fell 7.32% to close at $.38. Shares in Isoft Group and Sundance Resources also closed weaker today.
The Australian Dollar is trading at 89.97 US cents, up almost half a cent on the week.
In commodities, gold is trading at $1,169 U.S an ounce and is down $19.20 on the week. Light crude is down $0.25 at $78.11 U.S a barrel.
