Aussie stocks manage to claw back some ground this afternoon but still closed the session lower with China’s surprise interest rate hike causing investors to flee riskier assets and weighed on mining stocks.
The S&P/ASX 200 Index is 31 points lower to finish at 4,625. On the futures market, the SPI200 is down 39 points.
To company news: According to reports James Packer is likely to build a 19.9 per cent holding in Ten Network Holdings (ASX:TEN) after continuing to stock up on the company’s shares today. Reports circulated this morning that Mr Packer had acquired around a 16 per cent stake in the network at a cost of $1.50 a share last night. While Ten confirmed to the market that a special crossing of its shares representing a 15.6 per cent interest in the company were acquired after the closing bell last night, it did not say who has acquired the shareholding. A report in The Australian this afternoon says Mr Packer has bought more shares today, increasing his stake to close to 20 per cent. This is the maximum amount that any single shareholder can own before launching a takeover bid. Ten is to release its full year results tomorrow. Shares in Ten Network Holdings closed 9.57% stronger at $1.545.
Toll road operators Macquarie Atlas Roads Ltd (ASX:MQA) and Intoll Group (ASX:ITO) have both posted an increase in traffic numbers and revenue for the September quarter. The two companies were formerly the combined entity of Macquarie Infrastructure Group, before spinning off into two separately listed companies in February this year. Macquarie Atlas Roads says weighted average traffic rose 2.6 per cent for the three months to September, revenue rising 5.1 per cent. Meanwhile Intoll says traffic increased 3.3 per cent on its 407 ETR toll road in Canada, revenue up 10.4 per cent. In Sydney on the M7 traffic rose 7.4 per cent, revenue for the quarter rising 10.5 per cent. Shares in Intoll Group closed steady at $1.495.
Also making news: Mining giant BHP Billiton Ltd (ASX:BHP) has released a statement saying it is prepared to address any issues the Government of Saskatchewan may have regarding its US$40 billion bid for Canada’s Potash Corp after media reports suggested that Canadian Authorities were planning on rejecting the deal.
Telstra Corp (ASX:TLS) has secured $700 million in long term funding after completing a 500 million euro bond issue to institutional investors.
Global miner Rio Tinto Ltd (ASX:RIO) is to spend an extra US$2.1 billion to expand capacity at its iron ore operations in the Pilbara of Western Australia.
And MAp Group (ASX:MAP) says Sydney Airport experienced its strongest ever September for international, domestic and total traffic. Average daily passengers through Sydney Airport exceeded 100,000 for the first time.
In the best and worst performers: Majority of sectors closed in the red today, one of the only sectors to close in the black was Utilities with the index up 50 points at 4,534. The worst performing sector was Energy with the index closing down 179 points at 15,225.
The best performing stock in the S&P/ ASX200 was Ten Network Holdings share price as mentioned before. Shares in SP AusNet and Platinum Australia also closed higher.
The worst performing stock was Bow Energy shares dropping 5.69% to $1.16. Shares in Elders and Kagara also closed weaker today.
In commodities, gold is trading at $1340 US an ounce. And light crude is up $0.69 at $80.18 US a barrel.
