Aussie shares closed 0.7 per cent lower, snapping three weeks of gains to end the week in the red. Despite strong gold and metal prices, miners contributed to the losses with the health care sector the only one to finish in the black.
The S&P/ASX 200 Index is down 32 points to finish at 4,602 and is down 60 points on the week. And on the futures market, the SPI200 is down 24 points.
Looking to the US and on Wall Street, the Dow Jones industrial index is 90 points higher for the four trading days this week. The S&P500 Index is down under a point, the NASDAQ is up 26 points and the 100 index is up 43.
To company news: Wesfarmers Ltd (ASX:WES) says it has good reason to be confident, having emerged in good shape from one of the most volatile and challenging times in the company’s history. Wesfarmers reported a 2.8 per cent rise in net profit after tax to $1.6 billion in the twelve months to 30 June. Managing Director Richard Goyder was paid $7.96 million for the year. Shares in Wesfarmers closed half a percent down at $33.75.
Cabcharge Australia Ltd (ASX:CAB) has been fined $15 million in relation to breaches in the Trade Practises Act brought by the Australian Competition and Consumer Commission. Cabcharge has agreed to three infringements with the ACCC agreeing not to pursue any further allegations. The ruling brings to an end legal proceedings involving the ACCC that began in June last year. Shares in Cabcharge Australia closed 10.59% up at $5.95.
Airport Investor MAp Group (ASX:MAP) will pay a special dividend of 12.5 cents per stapled security from the profits of selling its stake in a number of Mexican airports.
Coal explorer Linc Energy Ltd (ASX:LNC) says it has more than doubled its underground coal gasification syngas flow rates at its Chinchilla Demonstration Facility.
CFS Retail Property Trust (ASX:CFX) has launched $540 million capital raising to fund the purchase of four Direct Factory Outlet centres at a cost of $498 million.
BHP Billiton Ltd (ASX:BHP) has received antitrust clearance from regulators in the US to progress with its US$40 billion hostile takeover bid of Canada’s Potash Corp. The mining giant also today approved the development of its US$1.5 billion Macedon Gas field off the cost of Western Australia, and expects first production during calendar 2013.
In the best and worst performers: Most sectors closed in the red today. The best performing sector was Health Care, with the index up 34 to 8,335. The worst performing sector was Financials Excluding Real Estate Investment Trusts with the index down 54 points to 5,132.
The best performing stock in the S&P/ ASX200 was Cabcharge Australia shares as mentioned before. Shares in Lynas Corporation and Energy World Corporation also closed higher. The worst performing stock was Ausenco shares were 7.17% down at $2.32. Shares in Platinum Australia and Roc Oil Company also closed lower.
The Australian Dollar is trading at 95.18 US cents, up 23 cents on the week. In commodities, gold is trading at US $1294 an ounce and is up $27 on the week. And light crude is down $0.29 at US$74.89 a barrel.
