Aussie shares closed half a per cent lower today, despite a lift in job advertisements. Shares fell throughout the day dragged down by the banks on news that mortgage exit fees will be reduced or scrapped.
The S&P/ASX 200 Index is 22 points lower to finish at 4,778. On the futures market, the SPI200 is down 14 points.
To company news: Westpac Banking Corporation's (ASX:WBC) CEO Gail Kelly will appear before a Senate inquiry into competition in the banking industry. Amid rising consumer anger at the big banks, following Commonwealth Bank of Australia’s (ASX:CBA) rate rise last week, Mrs Kelly says it is essential that the sector plays its part in the inquiry’s deliberations. Mrs Kelly will be outlining Westpac’s thinking on a range of issues impacting customers, shareholders and the sector, and says cool heads and considered conversations will be needed. Shares in Westpac dropped 4.58% to $22.29, the company going ex-dividend today with a 74 cent fully franked dividend.
Macmahon Holdings Ltd (ASX:MAH) has been awarded a contract to construct the $812 million South Road Superway project in South Australia as part of a joint venture. The civil engineering company expects its share of the revenue to be $230 million. The construction of the highway will connect the Port River Expressway to Regency Road, north of Adelaide and Macmahon says the project is South Australia’s largest ever investment in a road project. Construction will start immediately and due for completion in 2013. Shares in Macmahon Holdings closed steady at $0.50.
Shares in Qantas Airways Ltd (ASX:QAN) dropped more than four per cent at one point today and closed at $2.80. Following the grounding of the airline’s fleet of Airbus A380 superjumbos. CEO Alan Joyce told ABC Radio this morning that slight anomalies have been found on three of the engines, with Qantas still unsure when the aircraft will resume service.
Shares in Buxton Resources Ltd (ASX:BUX) surged over 11 per cent on news the precious and base metals explorer has confirmed a significant iron ore discovery at its West Australian Zanthus project, believed to be the first recorded magnetite occurrence in the area.
Explosives and chemical product provider Orica Ltd (ASX:ORI) has firmed its full year net profit, rising 4.6 per cent to $675.8 million for the year to 30 September.
Austal Ltd (ASX:ASB) has announced that it has bought a Canberra-based company called Australian Technology Information (ATI) Pty Ltd. The ship builder also today put its shares into a trading halt, pending an announcement tomorrow expected to reveal the outcome of a proposed contract for the US Navy.
In the best and worst performers: The best performing sector at close was Energy with the index rising 163 points to 16,182. The worst performing sector was Real Estate Investment Trusts with the index falling 21 points to 847. The best performing stock in the S&P/ ASX200 was Ausenco shares were 6.33% higher at $2.52. Shares in Caltex and Linc Energy also closed higher. The worst performing stock was Lynas Corporation with shares dropping 8.49% to close at $1.185. Shares in Westpac going ex-dividend and Westfield, also closed weaker.
In commodities, gold is trading at $US1391 an ounce. Light crude is up $0.16 at $US87.01 a barrel.
