The Australian share market closed weaker today, with declines across the market on the last trading of 2010. Resource stocks and insurers all fell at close after heavy rains and flooding across Queensland continue to impact company operations. All the major banks were down at close as well.
The S&P/ASX200 Index is 45 points lower to close at 4,745. On the futures market, the SPI is 58 points lower.
Company news: Atlantic Ltd’s (ASX:ATI) subsidiary Midwest Vanadium has concluded its three-year soda ash supply contract with chemical distributor Redox. Midwest was supplying Redox soda ash from American Natural Soda Ash Corporation (ANSAC) for Redox’s Windimurra vanadium project located in Western Australia. Shares in Atlantic Ltd closed 0.56 per cent higher at $1.55.
Textile manufacturer Mesbon Ltd (ASX:MES) has updated its full year guidance and says it expects net profit for the year ended 31 December to come in at $6.4 million, a 130 per cent increase compared to the previous financial year. The company says the rise in profit is because of an increase in sales of Mesbon’s products in China, as the Chinese markets continue to remain buoyant. Shares in Mesbon Ltd closed 10.71 per cent higher at $0.155.
Wesfarmers Ltd (ASX:WES) says it has suspended all mining operations at its Curragh mine in Queensland as a result of heavy rains and flooding in the area.
BHP Billiton Ltd (ASX:BHP) may make a $90-a-share takeover offer for US oil and gas company Anadarko Petroleum Corporation, the Daily Mail reported. The news sent Anadarko shares to a two-year high.
In the best and worst performers: The best performing sector at close was Telco Services, with the index gaining 2 points to close at 960. The worst performing sector was Financials excluding Real Estate Investment Trust, the index falling 65 points to close at 5,064. The best performing stock in the S&P/ ASX200 was White Energy as shares rallied 6.17 per cent to close at $3.44. Shares in Lynas Corporation and Avoca Resources also advanced today. The worst performing stock was Fortescue Metals shares lost 3.38 per cent to close at $6.54. Shares in Infigen Energy and Energy World also closed in the red today.
In commodities, gold is trading at $US1,408 an ounce. Light crude is down $0.30 at $US89.54 a barrel and the Australian dollar is trading at $US1.172.
