The Australian share market closed 0.9 per cent lower today, led by banks and insurers after a strong quake hit Christchurch, New Zealand. The Miners were the only sector to finish in the black.
The S&P/ASX200 Index closed 43 points weaker at 4,857. On the futures market, the SPI is down 49 points.
Economic news: National Australia Bank’s business confidence survey eased in the December quarter. The measure of business conditions fell 3 points to a read of 2 points.
Company news: OneSteel Ltd (ASX:OST) reported first-half net profit, before one-off items at $125 million for the first half of this financial year. A year earlier the figure was $119 million. Australia's second largest steelmaker says underlying first half net profits rose 5 per cent, helped by strong demand from China for iron ore, although the strong Australian dollar cut into earnings. OneSteel says it expects margins to improve by the fourth quarter, once price increases take effect. Shares in OneSteel are down 4.7 per cent to close at $2.84.
Shares in SEEK Ltd (ASX:SEK) fell today after its interim net profit, missed market expectations. The first half result of $47.9 million, was up 31 per cent on last year. The online jobs website says the result was a record, with profit, earnings, and revenue all higher. Shares in SEEK are down 11.74 per cent to close at $6.24.
Austar United Communications Ltd (ASX:AUN) posted a 69.5 per cent jump in full-year net profit. The pay T.V. provider says the net profit rose to $99.6 million to the end of December 2010. This is up from $58.7 million in the previous year.
Oil and gas company, AWE Ltd (ASX:AWE) has reported a net loss of $49.8 million for the first half of this financial year.
Shares in BHP Billiton Ltd (ASX:BHP) have lifted following news the global mining giant has agreed to buy a substantial US shale field for $4.75 billion dollars.
News Corporation (ASX:NWS) has announced that it will buy television production company Shine Group for $666 million.
Best and worst performers: The best performing sector at close was Materials, with the index rising 4 points to close at 14,263. The worst performing sector was Consumer Staples, falling 151 points to close at 7,805. The best performing stock in the S&P/ASX200 was Anatolia Minerals Development. Shares rose 5.95 per cent to close at $8.90. Shares in Pacific Brands and Mineral Resources also lifted today. The worst performing stock was SEEK. Shares fell 11.74 per cent to close at $6.24. Shares in Linc Energy and OneSteel also dropped.
In commodities, gold is trading at $US1,402 an ounce. Light crude is up $6.86 at $US93.06 a barrel.
