The Australian share market closed 0.9 per cent lower for a third straight day after receiving mixed leads from overseas trading. Economic news from China also pulled the market down across the sectors.
The S&P/ASX 200 Index is 41 points lower to finish at 4,700. On the futures market, the SPI200 is down 40 points.
To company news: Qantas Airways Ltd (ASX:QAN) is attracting negative media again. Australia’s competition watchdog has warned that Qantas executives risk up to 10 years in jail if they continue to engage in cartel price-fixing practices. In 2008, Qantas paid a fine of $20 million under a deal reached with the Australian Competition and Consumer Commission over the same price-fixing cartel. As of July 2009, the ACCC says it viewed serious cartel conduct as criminal and could push for jail terms of up to 10 years with fines of $10 million or more. Shares in Qantas closed 1.82% higher at $2.80.
Australia’s biggest independently-owned mortgage broker, Mortgage Choice Ltd (ASX:MOC) has announced it is hiring more brokers to boost its market share in the face of slowing credit growth in the 2011 financial year. It is also in talks over two possible acquisitions. Since Commonwealth Bank of Australia's (ASX:CBA) controversial 45 basis point interest rate hike last week, Mortgage Choice has seen a surge in the number of inquiries made over home loans. The company says more than 90 percent of inquiries were from people with existing mortgages. Mortgage Choice has over 300,000 customers and a loan book worth $40 billion. Shares in Mortgage Choice closed 3.45% higher at $1.35.
Shares in OohMedia Group Ltd (ASX:OOH) have jumped by 10 per cent after the company forecast a 38 per cent increase in full-year earnings for 2010.
Singapore Telecommunications Ltd (ASX:SGT) Optus’ parent SingTel Group announced it has added another quarter of strong customer acquisitions, with a mobile customer base of 368 million people as of 30 September 2010.
AWB Ltd (ASX:AWB) has posted a full-year loss for the year ended 30 September 2010 of $54.9 million. It is a significantly smaller loss compared to the $250.8 million in the previous year.
Shares in Lynas Corporation Ltd (ASX:LYC) have jumped by 7.5 percent since the company announced it has secured a new contract with a European rare earths customer.
In the best and worst market performers: The best performing sector was Real Estate Investment Trust which closed 1 point higher to 847. The worst performing sector was Utilities with the index falling 64 points to 4,516. The best performing stock in the S&P/ ASX200 was Lynas Corporation shares were 7.54 per cent higher at $1.35 and a half cents. Shares in Nufarm and Sundance also closed higher. The worst performing stock was Spotless Group, with shares dropping 6.09 per cent to $2.16. Shares in St Barbara and AWE also closed in the red.
In commodities, gold is trading at $US1,399 an ounce. Light crude is down $0.30 at $86.42.
