The Australian share market closed flat today, gains in mining and health care helping to offset concern about an uncertain political climate.
The S&P/ASX 200 Index is down 2 points to finish at 4,429. And on the futures market, the SPI200 is up 14 points.
To company news around this afternoon: Property Trust GPT Group (ASX:GPT) has announced that it will withdraw from its proposed $600 million Newcastle development. GPT says that a lack of commitment from the Government to endorse the project and ensure the renewal of the Newcastle city centre has led to GPT’s decision to exit the land holding. Managing Director Michael Cameron says its $600 million proposed development was a key component of revitalising the Newcastle city centre but it cannot continue in isolation and so believes the company has no other choice but to exit its investment. Shares in GPT Group closed 0.68% lower at $2.91.
Arrow Energy Ltd (ASX:AOE) has confirmed that it has been taken over by CS CSG, a 50/50- joint venture company owned by Shell Energy Holdings Australia and a subsidiary of PetroChina Company Ltd. Arrow shareholders have agreed to an all cash bid of $4.70 per share, valuing Arrow at around $3.5 billion. As the acquisition scheme has been approved by the Federal Court, Arrow advises that all of its shares have, as of today been transferred to CS CSG.
Pie-maker Patties Foods Ltd (ASX:PFL) has posted a 42 per cent increase in annual profit to $16.8 million, on a 29.3 per cent increase in underlying earnings before interest and tax of $27.2 million, for the twelve months to 30 June.
Foster’s Group Ltd (ASX:FGL) has announced it is not aware of any information concerning the rise in its shares, following media speculation that the brewing company's beer unit is the target of an alleged $12 billion bid from London-listed SAB Miller.
Shares in Westpac Banking Corporation (ASX:WBC) have fallen, after the bank narrowly missed earnings expectations, due to higher funding costs for the June quarter, posting a 27.3 per cent increase in profit to $1.4 billion.
Australia’s two largest gold miners Newcrest Mining Ltd (ASX:NCM) and Lihir Gold Ltd (ASX:LGL) today entered a trading halt as Lihir shareholders voted on the proposed takeover from Newcrest. Lihir says the deal values it at $10 billion, with the potential to create a merged entity worth $25 billion.
In the best and worst performers: The best performing sector at close was the Utilities sector with the index up 107 points at 4,324. The worst performing sector was the Telco Services sector with the index down 56 points at 956.
The best performing stock in the S&P/ ASX200 was Prime Infrastructure Group shares rose 20.83% to $4.35. Shares in Medusa Mining and Challenger Financial Services Group also closed higher. The worst performing stock was Cudeco, shares closed 19.95% lower at $1.705. Shares in Telstra and Gunns also closed weaker today.
In commodities, gold is trading at $1229 US an ounce. Light crude is up $0.21 at $74.03 US a barrel.
