The Australian share market closed 1.2 per cent lower with weakness across the board.
The S&P/ASX 200 Index is down 56 points to finish at 4,605. On the futures market, the SPI200 is down 18 points.
To company news: Alumina Ltd (ASX:AWC) says that it expects third quarter results will be impacted by a US$11 million charge because of problems at its Alumar refinery in Brazil. The company advises power outages and equipment issues experienced at the refinery will have minimal impact on fourth quarter results. Alumina and Alcoa are partners in the Alcoa World Alumina & Chemicals group, which has a 54 per cent stake in Alumar, with BHP Billiton Ltd (ASX:BHP) and Rio Tinto Alcan Ltd also invested in the refinery. Shares in Alumina closed 2.05% down at $1.915.
AGL Energy Ltd (ASX:AGK) has announced the appointment of former CSR Ltd (ASX:CSR) director Jerry Maycock, as its new chairman. Mr Maycock will succeed Mark Johnson, who will retire from his position on 21 October after AGL’s general meeting. The company has also announced that chairman of QBE Insurance Group Ltd (ASX:QBE), Belinda Hutchinson, will join the board as a non-executive director by the end of the year. Shares in AGL Energy closed 1.2% up at $16.01.
James Hardie Industries (ASX:JHX) has been issued with a price query following a drop of over eight per cent in its share price today. The company yesterday released its US business overview that included a forecast of lower housing starts.
Retirement village operator Aevum Ltd (ASX:AVE) says it will wait for new opinion on Stockland’s increased takeover bid, commissioning an independent expert for an updated report.
Jetset Travelworld Ltd (ASX:JET) says revenues are improving but have not returned to levels before the GFC. The travel company reported a 20.2 per cent fall in profit before tax to $19 million in fiscal 2010.
Myer Holdings Ltd (ASX:MYR) has posted an annual profit of $67.2 million for the year to 31 July, dragged down by the cost of its initial public offering in November 2009.
In the best and worst performers: All sectors closed in the in the red today. The sector at close with the least losses was the Utilities with the index down just under a point to 4,448. The worst performing sector was the Real Estate Investment Trusts sector with the index down 17 points to 876.
The best performing stock in the S&P/ ASX200 was Austar United Communications shares were 2.78% higher at $0.925. Shares in Western Areas and Pacific Brands also closed higher. The worst performing stock was Sundance Resources with shares falling 8.16% to close at $0.225. Shares in James Hardie Industries and Sigma Pharmaceuticals also closed lower.
In commodities, gold is trading at $1266 US an ounce. And light crude is down $1.02 at US$75 a barrel.
