The local share market has closed flat today with gains in the Telco’s helping to offset declines in the miners.
The S&P/ASX 200 Index is 6 points lower to finish at 4,670. On the futures market, the SPI200 is down 8 points.
To company news: Agricultural chemicals maker Nufarm Ltd (ASX:NUF) has posted a loss for the year but says it expects profit growth in fiscal 2011. For the 12 months to July 31, 2010 earnings fell 130 per cent to a loss of $23.99 million. Excluding one-off items profit declined 63 per cent to $58.56 million for the year. Revenue also fell, down 19 per cent to $2.17 billion on weak sales in its weedkiller glyphosate. Looking ahead the company says it expects trading conditions to improve for its other products and is looking at introducing new products and expanding into new regions. Because of these factors and initiatives, Nufarm is confident the group will generate an improved profit outcome for the 2011 financial year. Nufarm decided not to declare a final dividend. Shares in Nufarm closed 3.9% weaker today at $3.94.
Dart Energy Ltd (ASX:DTE) has launched a friendly takeover bid for Apollo Gas Ltd (ASX:AZO). The company, a spin-off from Arrow Energy, already holds a 21 per cent interest in Apollo and is offering three Dart shares for every four Apollo shares. The offer gives Apollo an enterprise value of around $145.5 million. Dart says Apollo directors have already indicated that they intend to recommend the offer to shareholders. Shares in Dart Energy closed 4.76% stronger at $1.10 today.
Also making news: Gold miner AngloGold Ashanti Ltd (ASX:AGG) has forecast gold prices to rise up to $100 an ounce a year over the next five years.
Drug maker Avexa Ltd (ASX:AVX) shares were placed in a trading halt today as shareholders voted on the composition of the company’s board.
Department store David Jones Ltd (ASX:DJS) says the economic recovery will need to be in full swing for it to be able to reach the upper end of its earnings guidance in the current fiscal year.
And the ASX Ltd (ASX:ASX) has been given a speeding ticket after its shares jumped 10 per cent last week.
In the best and worst performers: The best performing sector at close was Telco Services, the index up 12 points to 931. The worst performing sector at close was Materials with the index down 63 points to 12,542.
The best performing stock in the S&P/ ASX200 was Ausenco shares were 4.64% higher at $2.93. Shares in Ten Network Holdings and Monadelphous Group also closed higher.
The worst performing stock was Kingsgate Consolidated shares closed 4.75% lower at $11.43. Shares in Nufarm and Perseus Mining closed weaker today.
In commodities, gold is trading at $1293 US an ounce. And light crude is down $0.47 at $76.05 US a barrel.
