The Australian share market closed 0.1 per cent weaker today, with trading cut short after a technical glitch hit the Australian Securities Exchange. Before the end of trade energy and mining stocks had advanced, with gains offset by falls in the insurers and banks, additional losses coming from 27 companies trading ex-dividend today. A spokesperson from the ASX says the bourse is considering options to extend the closing time when the technical error is resolved.
When the market last traded, the S&P/ASX200 Index finished 6 points down to 4,831. On the futures market, the SPI is up 6 points.
Company news: Myer Holdings (ASX:MYR) has upped the ante in the retail stakes and today launched its GST-free experimental online shop, where goods are shipped from a Chinese warehouse to Australian customers. myfind.com is geared towards boosting competition through avoiding the Australian goods and services tax for all purchases under $1,000. While the website displays no Myer logos, it offers goods in such categories as women, men, kids, electrical and homewares and is being marketed as specialist offering from the retailer. Myer Holdings last traded at $3.28.
Kathmandu Holdings Ltd (ASX:KMD) says it has recorded sales ahead of expectations over the past month with positive year-on-year same store sales growth in Australia and New Zealand. The outdoor clothing company also today advised that the Christchurch earthquake has caused damage to its headquarters and distribution centre, but that management do not consider the impact on trading in New Zealand to be significant. Kathmandu says it will provide a further update next week, ahead of its first half result due for release on March 17, 2011. Kathmandu Holdings last traded at $1.50.
Two of Australia’s telco’s have spoken out against the proposed $36 billion National Broadband Network, claiming the networks laws could lower competition in some areas. Telstra Corporation Ltd (ASX:TLS) has asked for the NBN legislation to be revised, and says the current model has rules that let NBN Co offer services directly to companies, as opposed to being limited to wholesale services provision. While Optus, owned by Singapore Telecommunications Ltd (ASX:SGT), has called for an independent body to oversee the NBN and increase transparency. Optus CEO Paul O’Sullivan cautioned NBN Co has a new monopoly status and needs to be monitored to insure it doesn’t offset its revenue shortfalls by simply hiking prices to the end user.
Downer EDI Ltd (ASX:DOW) has posted a first half net loss, and also, launched a $279 million capital raising to inject funds into its troubled Waratah train project in New South Wales.
QR National (ASX:QRN) has beaten market expectations to post a maiden first-half net profit of $278 million, but cautioned its second half result will suffer a hit from the Queensland floods.
The best and worst performers, when the market last traded: The best performing sector was Energy with the index rising 155 to close at 16,401. The worst performing sector was Telco Services easing 11 points to close at 951. The best performing stock in the S&P/ ASX200 was Gunns shares gained 10.42 per cent to close at $0.53. Shares in Beach Energy and Energy World Corporation also closed stronger today. The worst performing stock was Infigen Energy shares plunged 16.47 per cent to close at $0.355. Shares White Energy and Pacific Brands also dropped today.
Commodities: Gold is trading at $US1,413 an ounce. Light crude is up $1.73 cents up at $US99.61 a barrel.
