The Australian share market has closed marginally lower today as investors digested disappointing third-quarter economic growth figures. The release of the lower-than-expected GDP figures also caused the Australian dollar to lose some ground.
The S&P/ASX 200 Index closed 2 points higher to finish at 4,587. On the futures market, the SPI200 is 6 points higher.
In economic news: The Australian Bureau of Statistics released GDP figures for the September quarter, which revealed that Australia’s economy grew by 0.2 per cent from the second quarter, half of what economists had forecasted. The GDP figure also shows that the pace of economic growth has experienced its worst performance since the depths of the global financial crisis at the end of 2008.
Company news: Luxury retailer Oroton Group Ltd (ASX:ORL) says although trading conditions have been soft in the first half of the financial year, the company remains committed to developing its brand in the heavily discounted market. Oroton says it is planning to open five new stores in Asia by the end of the 2011 financial year. Shares in Oroton closed 0.5 per cent lower at $7.98.
Mining giant Rio Tinto Ltd (ASX:RIO) has announced that it will spend more money at its Western Australia’s Pilbara iron ore operations in a bid to increase output of the booming commodity. Rio says it would spend $1.25 billion to increase iron ore production to 283 million tonnes per annum. Shares in Rio Tinto closed 0.08 per cent higher at $83.10.
New figures from Qantas Airways Ltd (ASX:QAN) show that the airline is carrying more than passengers than it did a year ago, but its revenue seat factor is falling.
Lead, zinc and silver miner Perilya Ltd (ASX:PEM) has extended its takeover bid for Canada’s GlobeStar Mining Corporation by 10 days so it can acquire the remaining shares in the company that it doesn’t already hold.
National Australia Bank Ltd (ASX:NAB) has allegedly received 5,000 complaints after what The Australian calls the country’s worst IT bungle.
TPG Telecom (ASX:TPM) says it has had a good start to the current financial year, and has lifted its full year profit forecast. The company now expects to deliver EBITDA of between $215 million to $225 million
In the best and worst market performers: The best performing sector was Materials which closed 120 points higher to 13,346. The worst performing sector was Real Estate Investment Trust with the index slipping 7 points to 835. The best performing stock in the S&P/ ASX200 was Lynas Corporation, shares closed 6.41 per cent higher at $1.66. Shares in Oceana Gold and Regis Resources also improved at close. The worst performing stock was Platinum Australia, shares fell 5.71 per cent to $49.50. Shares in Energy World and Hastie Group also closed lower today.
In commodities, gold is trading at $US1,392 US an ounce and light crude is up $0.37 to $84.48.
