Aussie stocks were unable to hold onto gains, closing the session flat today, with declines in financial stocks weighing on the market this afternoon as investors sold out of the big banks.
The S&P/ASX 200 Index is down 4 points to finish at 4,579 and is down 23 points on the week. And on the futures market, the SPI200 is down 9 points.
Looking to the US and on Wall Street, the Dow Jones industrial index is 72 points weaker for the four trading days this week. The S&P500 Index is down 7 points, the NASDAQ fell 13 points and the 100 index dropped 26.
To company news: Conglomerate Wesfarmers Ltd (ASX:WES) says prices for metallurgical coal exports, from its Curragh mine in QLD, will fall by 11 per cent in the December quarter compared with the previous quarter. The company also lowered its forecast for metallurgical coal sales volumes from Curragh to be in the range of 6.2 to 6.7 million tonnes for the 2011 fiscal year. This compares to previous forecasts of between 6.5 and 7 million tonnes. Shares in Wesfarmers closed 0.03% higher at $32.90.
Conquest Mining Ltd (ASX:CQT) chairman Jake Klein has been appointed as chairman of North Queensland Metals Ltd (ASX:NQM) after Conquest successfully gained control of its takeover target. Aaron Colleran and Brian Davidson of Conquest have also been appointed to the board of North Queensland Metals. Conquest stake in NQM has reached 78.44 per cent. Shares in Conquest Mining closed steady at $0.495.
Also making news: Computer and office equipment financing company ThinkSmart Ltd (ASX:TSM) has successfully raised $11.9 million through the institutional component of the company’s $16 million capital raising.
BHP Billiton Ltd (ASX:BHP) is expected to lodge a motion in the next few days to dismiss a lawsuit filed by Canada’s Potash Corp in a move to try and thwart the BHP’s attempts to take it over.
Billabong International Ltd (ASX:BBG) has bought a portfolio of Australian retail assets from the General Pants Group. The 38 retail stores comprise of Surf Dive ‘n’ Ski and Jetty Surf retail banners, along with two licensed Billabong stores.
And Cougar Energy Ltd (ASX:CXY) has announced a strategic alliance with a Chinese investment group for the development of underground coal gasification projects.
In the best and worst performers: The best performing sector at close was Materials, with the index up 93 to 12,523. The worst performing sector was Financials Excluding Real Estate Investment Trusts with the index down 45 points to 5,060.
The best performing stock in the S&P/ ASX200 was Carnarvon Petroleum shares closing 8.05% stronger at $0.47. Shares in Karoon Gas Australia and Paladin Energy also closed higher.
The worst performing stock was Perseus Mining shares closed 5.52% weaker at $2.74. Shares in Ausenco and Infigen Energy also closed lower.
The Australian Dollar is trading at 96.67 US cents, up less than a cent on the week.
In commodities, gold is trading at $1309 US an ounce and is up $13 on the week. And light crude is up $0.44 at $80.41 US a barrel.
