The Australian share market closed steady today, with US Markets closed for the Thanksgiving holiday yesterday. Local stocks retreated from earlier gains, despite the senate passing legislation for the building of the $36 billion National Broadband Network.
The S&P/ASX 200 Index: closed 5 points higher to finish at 4,598. On the futures market, the SPI200 up 3 points.
Company news: Customer anger is mounting at National Australia Bank Ltd (ASX:NAB), with the bank still to fix issues that have caused a backlog of processing customer’s pay, according to Business Day. NAB’s technical glitch has affected payments to customers around Australia and will reportedly linger for the duration of the weekend. The bank is facing criticism that it has not provided enough information, following an error in its data processing that occurred on Wednesday. Shares in National Australia Bank closed 0.3 per cent lower at $23.23.
Pike River Coal Ltd’s (ASX:PRC) chief executive Peter Whittle says the company will cooperate with all police inquiries into the mining disaster. The company, which operates a New Zealand coal mine that experienced two gas explosions, says the company will conduct its own independent inquiry too. Following the tragedy, Pike River has said it will be giving staff an assurance that wages and salaries will be paid up until Christmas. Shares in Pike River Coal remain in a trading halt and last traded it $0.61.
Macmahon Holdings Ltd (ASX:MAH) says the outlook for the next half to full year remains unclear, however expects underground mine work to deliver double the revenue in fiscal 2011.
Santos Ltd (ASX:STO) has approved the a $US100 million development of the Wortel gas project in Indonesia, with first gas expected by the end of next year.
Shares in Aristocrat Leisure Ltd (ASX:ALL) dipped on its full year profit downgrade. The gaming provider now expects operating profit after tax will halve from the $116.4 million reported last year.
ANZ Banking Group Ltd (ASX:ANZ) has pulled out of a bidding war for Korea Exchange Bank after being trumped by Korean rival Hana Financial Group.
In the best and worst market performers: The best performing sector was Energy which closed 119 points higher to 15,255. The worst performing sector was Telco Services with the index falling 8 points to 980. The best performing stock in the S&P/ ASX200 was Sundance Resources as shares were 6.85 per cent stronger at $0.39. Shares in White Energy Company and Intrepid Mines also closed higher. The worst performing stock was Aristocrat Leisure, shares dipped 18.92 per cent to $2.70. Shares in Energy World Corporation and Hastie Group also closed weaker today.
In commodities, gold is trading at $US1,373 an ounce and light crude last traded at $83.86. The Aussie dollar is buying 97.25 US cents.
