The Australian share market eased 0.7 per cent, losing ground on concerns over sovereign debt issues in the euro-zone and doubts over the effectiveness of Ireland’s financial aid package. The majority of sectors closed in the red.
The S&P/ASX 200 Index closed 34 points lower to finish at 4,584. On the futures market, the SPI200 down 25 points.
In economic news, the Australian Bureau of Statistics released a number of key pieces of economic data today: Building approvals advanced 9.3 per cent to 13,541 units in October, a result better than expected, following an upwardly revised 12,388 units the month before. Total government spending increased 0.9 per cent in the September quarter, in seasonally adjusted chain volume terms, compared to the previous quarter. The ABS also reported Australia’s current account deficit increased to $7.83 billion in the September quarter, from a downwardly revised deficit of $5.41 billion the quarter before.
Company news: Wesfarmers Ltd (ASX:WES) is gearing up to boost output at its joint venture Bengalla thermal coal mine, announcing a $141 million expansion has been approved. Production is now set to grow by 19 per cent to 9.3 million tonnes per annum. Wesfarmer’s will contribute $56 million to the expansion, based on its 40 per cent stake in Bengalla. Shares in Wesfarmers slid 1.5 per cent to close at $31.46.
Campbell Brothers Ltd (ASX:CPB) says it has delivered a record half year profit, and forecast a 73 per cent rise in annual net profit. For the six months to 30 September, the laboratory operator reported $66.3 million net profit, up 73 per cent from the same time last year. Campbell Brothers says it now expects full year after tax profit excluding unusual items of between $120 million to $130 million. Shares in Campbell Brothers lifted 4.37 per cent to close at $37.50.
Crown Ltd (ASX:CWN) has booked a 6 per cent increase in combined revenue from main floor gaming at Crown’s Melbourne and Burswood casino’s, from 1 July to 24 November.
Macarthur Coal Ltd (ASX:MQG) has confirmed it will defer the announcement of its fourth mine project until early next year as it works to finalises commercial terms.
Grocery wholesaler Metcash Ltd (ASX:MTS) has posted a 0.9 per cent rise in first half net profit to $110.2 million, but warned it may struggle to achieve its full-year guidance.
Macquarie Bank Ltd (ASX:MBL) has acquired a 17.5 per cent stake in asset management firm Bluestone Group through the subscription of newly issued ordinary shares.
In the best and worst market performers: The best performing sector was Energy which closed 22 points higher to 15,413. The worst performing sector was Materials with the index slipping 161 points to 13,226. The best performing stock in the S&P/ ASX200 was iSoft Group, shares closed 5.41 per cent higher at $0.078. Shares in Macmahon Holdings and Intrepid Mines also improved at close. The worst performing stock was Envestra, shares fell 4.85 per cent to $0.49. Shares in Transpacific Industries Group and Platinum Australia also closed lower today.
In commodities, gold is trading at $US1,364 an ounce and light crude is down $0.66 at $85.07.
