The local share market has closed the session slightly lower today with declines in banks and gold miners weighing on the market, investors cautious ahead of jobs data out of the US tonight.
The S&P/ASX 200 Index is down 10 points to finish at 4,681. And on the futures market, the SPI200 is down 2 points.
Looking to the US and on Wall Street, the Dow Jones industrial index is 159 points higher for the four trading days this week. The S&P500 Index is up 15 points, the NASDAQ down 3 points and the 100 index up 19.
To company news: Department store chain Myer Holdings Ltd (ASX:MYR) says it’s been a challenging past fiscal year, but says it is well positioned for growth. In the company’s first annual report since listing on the ASX in November last year, Chairman Howard McDonald says Myer listing in November coincided with very turbulent global equity market conditions. Mr McDonald says this together with rising interest rates, and the absence of federal government stimulus which had boosted consumer spending the previous year, resulted in a challenging trading environment and fragile consumer sentiment. Despite the challenging environment, CEO Bernie Brookes says Myer achieved record profit of $270.9 million for the 2010 fiscal year. Mr Brookes says the retailer plans to increase its store count from 66 to 80 over the next four years. Shares in Myer Holdings closed 1.29% weaker at $3.84 today.
Global miner BHP Billiton Ltd (ASX:BHP) expects to inject up to $90 billion into local, provincial and federal governments over the life of its Jansen potash project in Canada. According to an AAP report, the miner says it expects to pay $90 billion in taxes and royalties, of which around 65 per cent will go the government of Saskatchewan. BHP currently has a US$40 billion takeover bid on the table for fertiliser giant Potash Corp of Saskatchewan, if successful it would give the miner a 20 per cent share of the global potash market. Shares in BHP closed 0.12% higher today at $41.
Also making news: New Hope Corp Ltd (ASX:NHC) has made an off-market takeover bid for Northern Energy Corp Ltd (ASX:NEC). The $1.50 all cash share offer values the target at $193 million.
The Takeover’s Panel has ordered Paladin Energy Ltd (ASX:PDN) to extend its offer period for NGM Resources Ltd (ASX:NGM) until October 22, 2010.
Gold miner CGA Mining Ltd (ASX:CGX) says it has expanded its mining fleet in order to service the expansion of its Masbate Gold Project in the Philippines.
And Aluminium miner Alcoa Ltd (ASX:AAI) has reported a 21 per cent decline in profit for the third quarter.
In the best and worst performers: The best performing sector at close was Telco Services, with the index up 6 to 916. The worst performing sector was Consumer Discretionary with the index down 12 points to 1,554.
The best performing stock in the S&P/ ASX200 was Fortescue Metals Group shares closing 4.88% stronger at $5.80. Shares in Cudeco and Alumina also closed higher.
The worst performing stock was Medusa Mining shares closed 4.37% weaker at $5.25. Shares in JB Hi-Fi and iSOFT Group also closed lower today.
The Australian Dollar is trading at 98.37 US cents. In commodities, gold is trading at $1335 US an ounce. And light crude is up $0.12 at $81.79 US a barrel.
