The Australian share market closed flat after being in positive territory all day. Stocks were unable to maintain gains following news from China that GDP growth slowed to 9.6% in the third quarter.
The S&P/ASX 200 Index is 2 points lower to finish at 4,623. On the futures market, the SPI200 is down 3 points.
To company news: Ten Network Holdings Ltd (ASX:TEN) has rebounded from a loss of $89.4 million, to post a net profit of $150 million for the year ended on 31 August 2010. Ten has also re-instated dividends, declaring a final unfranked dividend of six cents as well as a special dividend of five cents. The results come following news that James Packer has secured a 17.9 per cent stake in the network. Shares in Ten Network Holdings closed 1.62% up at $1.57.
UGL Ltd (ASX:UGL) has delivered a record underlying net profit after tax of $151.1 million in fiscal 2010. The earnings represent the ninth consecutive increase in net profits, and was underpinned by record results in three of UGL’s four operating businesses. UGL has also announced that it has been awarded over $1 billion in new contracts and contract extensions in the first quarter of fiscal 2011, and is targeting net profit growth of between 10 to 15 per cent for the current financial year. Shares in UGL closed 0.59% up at $15.43.
Phylogica Ltd (ASX:PYC) has scored a deal with Swiss pharmaceutical giant Roche to identify novel cell penetrating peptides.
Sims Metal Management Ltd (ASX:SGM) has warned its September quarter profit is likely to record a 75 per cent fall in net profit to $8.2 million when the metals recycler releases its results next Wednesday.
Oil and gas producer Santos Ltd (ASX:STO) has produced 12.9 million barrels of oil equivalent in the September quarter, wet weather impacting the nine per cent fall from last year’s result.
Conglomerate Wesfarmers Ltd (ASX:WES) has reported a 4.3 per cent increase in sales for the first quarter with sales from retail totalling $11.221 billion.
Gold producer Kingsgate Consolidated Ltd (ASX:KCN) has made a $376 million takeover bid for fellow gold miner Dominion Mining Ltd (ASX:DOM) as it moves towards becoming a mid-tier gold producer.
In the best and worst performers: The best performing sector at close was Industrials with the index up 38 points to 3,776. The worst performing sector was Utilities with the index closing down 51 points to 4,483. The best performing stock in the S&P/ ASX200 was Murchison Metals shares were 11.84% higher at $1.70. Shares in GrainCorp and PaperlinX also closed higher. The worst performing stock was Kingsgate Consolidated shares falling 9.39% to $10.61. Shares in Sims Metal Management and Macmahon Holdings also closed weaker today.
In commodities, gold is trading at $1341 US an ounce. And light crude is down $0.62 at $81.92 US a barrel.
