The Australian share market closed lower by over 1%, extending losses throughout the day as concerns about global economic recovery linger. The S&P/ASX 200 Index is down 54 points to finish at 4,541. And on the futures market, the SPI200 is down 52 points.
To company news around this afternoon: News Corporation (ASX:NWS) has announced that it has signed an agreement with China Media Capital, under which News Corp will sell its controlling stake in three Chinese TV channels. The retreat from China follows challenging years for Rupert Murdoch’s News Corp in the country, tightening broadcast regulations obstructing Murdoch’s plans for expansion. Shares in News Corporation closed .29% down at $17.18.
Challenger Diversified Property Group (ASX:CDI) has reported a 16.7% increase in operating profit to $49.2 million for the year to 30 June. Challenger Diversified says net profit after tax was $15.4 million, up from a $47 million loss reported for the last financial year. The property trust has attributed the increases to lower financing costs, following successful capital raising in August 2009. Shares in Challenger Diversified closed 1% lower at $0.495.
Also making news: Crescent Gold (ASX:CRE) has sold its Mt Lucky tenements in Western Australia to nickel miner Minara Resources Ltd (ASX:MRE) for $3 million.
Alinta Energy Group (ASX:AEJ) has announced has sold its Cawse power station and associated infrastructure in a deal worth $17.5 million, to a subsidiary of Russia’s Norilsk Nickel.
Cochlear Ltd (ASX:COH) has posted a 19% increase in net profit to $155.2 million for the year ended 30 June.
National Australia Bank Ltd (ASX:NAB) has posted cash earnings of $1.1 billion for the three months to June 30, in line with the quarterly average of the first half of the year.
In the best and worst performers: All indices closed in the red today. The sector with the smallest losses at close was the Real Estate Investment Trusts index, down 2 points at 866. The worst performing sector was the Telco index, down 18 points to 1,108.
The best performing stock in the S&P/ ASX200 was iSoft Group shares rose 10.34% to $0.16. Shares in Sundance Resources and Charter Hall Group also closed higher. The worst performing stock was Eastern Star Gas, shares fell 7.1% to close at $0.85. Shares in Ausenco and Lynas Corp also closed weaker today.
In commodities, gold is trading at $1199 U.S an ounce, and light crude is down $0.51 at $80.97 U.S a barrel.
