Unable to hold onto earlier gains the local share market has closed the session flat today with declines in bank stocks and strength in the Aussie dollar weighing on the market and limiting gains.
The S&P/ASX 200 Index is 2 points higher to close at 4,620. And on the futures market, the SPI200 is down 3 points.
To company news: Oil and gas major Woodside Petroleum Ltd (ASX:WPL) CEO Don Voelte has decided to step down from the role in the second half of next year after seven years at the helm of the company. Woodside says it will commence an internal and external search to find a successor to Mr Voelte. Mr Voelte says he wanted to give the board a sufficient period of notice to allow for a seamless transition to a new CEO. Shares in Woodside Petroleum closed 0.73% lower at $43.72.
Electrical retailer JB Hi-Fi Ltd (ASX:JBH) says it has continued to see a steady improvement in store sales in the new fiscal year and as a result the company now has positive comparable growth year to date for fiscal 2011. JB Hi-Fi says total sales for the first quarter of fiscal 2011 are up 12.2 per cent on the same period last year, however behind budget by around 5 per cent. The retailer says it expects to make up this shortfall in the second half, which it says is cycling less challenging comparable store sales. JB Hi-Fi says the overall strength of the economy, low levels of unemployment and a strong product assortment should underpin a successful Christmas trading period. Shares in JB Hi-Fi closed 0.74% weaker at $20.10.
Also making news: Ship builder Austal Ltd (ASX:ASB) has been awarded a contract by the US Navy for the construction of two high speed boats worth $208 million. The company says the US Government has exercised an option to fund the construction of two high speed vessels as part of an existing 10-vessel US$1.6 billion program.
Copper Strike Ltd (ASX:CSE) says Kagara Ltd’s (ASX:KAR) $14.3 million takeover offer is highly opportunistic and has advised shareholders to take no action.
Conquest Mining Ltd (ASX:CQT) is to raise $45 million through an institutional share placement and share purchase plan at an offer price of $0.48 a share.
And blood products maker CSL Ltd (ASX:CSL) says if the Aussie dollar remains at October levels it’s profit forecast for the 2011 financial year will drop.
In the best and worst performers: The best performing sector at close was Materials, with the index up 78 to 12,981. The worst performing sector at close was Utilities with the index down 39 points to 4,403.
The best performing stock in the S&P/ ASX200 was Kagara shares closing 8.7% stronger at $0.75. Shares in Fortescue Metals Group and Perseus Mining also closed higher.
The worst performing stock was Platinum Australia shares closed 15.75% weaker at $0.535. Shares in Energy Resources of Australia and iSOFT Group also closed lower today.
In commodities, gold is trading at $1356 US an ounce. And light crude is up $0.56 at $82.23 US a barrel.
