The Australian share market closed 0.2 per cent lower today after a flat lead from Wall St following disappointing US unemployment data. Local stocks recovered from an early sell off helped by continued strength in Rio Tinto.
The S&P/ASX 200 Index is down 10 points to finish at 4,689 and up 8 points for the week. And on the futures market, the SPI200 down 13 points.
Looking to the US and on Wall Street, the Dow Jones industrial index is up 88 points higher for the four trading days this week. The S&P500 Index is up 9 points, the NASDAQ up 33 points and the 100 index up 27.
To company news: Rio Tinto Ltd’s (ASX:RIO) has officially opened a $1.3 billion thermal coal mine in Queensland, with chief executive energy Doug Ritchie advising the miner expects it will operate for the next 17 years. Rio has been in the headlines today in regards to its proposed $116 billion production joint venture with rival miner BHP Billiton Ltd (ASX:BHP). The miner expressed disappointment that German regulators have indicated they will block the tie up. It’s thought the decision could set a precedent for European regulators to also reject the joint venture. Yesterday Rio shares closed 4.4 per cent higher following news the miner achieved record iron ore, alumina and coking coal production in the September quarter. While today, the global miner’s shares firmed 1.36% to close at $83.20.
GPT Group (ASX:GPT) has announced it has sold Ayers Rock Resort in the Northern Territory for $300 million. The property investor says it no longer fits with GPT’s focus on Australian retail, office and industrial assets. The tourist hot spot has been snapped up by the Federal Government's Indigenous Land Corporation with GPT advising initial proceeds will be used to reduce debt. Shares in GPT Group closed 1.35% up at $3.00.
Shares in Korab Resources Ltd (ASX:KOR) more than doubled today, closing at 28 cents per share, following an announcement it had discovered rare earths at its wholly owned project at Rum Jungle in the Northern Territory.
Andean Resources (ASX:AND) has announced its Canadian suitor Goldcorp Inc has been given the green light from the Foreign Investment Review Board to take over the precious metals explorer for around $3.6 billion.
Santos Ltd (ASX:STO) has boosted its hybrid funding to 1 billion euro, around $1.4 billion Australian dollars, to fund its share of the Gladstone Liquefied Natural Gas project.
Underground coal gasification company Linc Energy Ltd (ASX:LNC) has spent almost 3 million pounds to acquire a 10 per cent stake in UK-based AFC Energy.
In the best and worst performers: Most sectors closed in the red today, but the best performing sector at close was Real Estate Investment Trusts, with the index up 4 to 875. The worst performing sector was Utilities with the index down 26 points to 4,435. The best performing stock in the S&P/ ASX200 was Linc Energy shares closing 12.02% stronger at $2.05. Shares in Extract Resources and Nufarm also closed higher. The worst performing stock was Infigen Energy shares closed 6.06% weaker at $0.62. Shares in Ardent Leisure Group and St Barbara also closed lower today.
The Australian Dollar is trading at 99.19 US cents, up a cent on the week. In commodities, gold is trading at $1379 US an ounce which is up $33.00 on the week. And light crude is up $0.02 at $82.71 US a barrel.
