The Australian share market closed half a per cent lower today, weighed down by rising oil prices and a weak lead from offshore markets. However it managed to recover from earlier lows.
The S&P/ASX200 Index closed 23 points weaker at 4,803. On the futures market, the SPI is down 40 points.
James Packer has resigned from the Ten Network Holdings Ltd (ASX:TEN) board . The company’s newly appointed chief executive is, Seven Network’s James Warburton. He will assume the role from mid July and replace Lachlan Murdoch, who is currently acting CEO. Chief Financial Officer, John Kelly will be leaving Ten later this month and will be replaced by Paul Anderson, who is the current chief financial officer of Ten's television division. Shares in Ten Network Holdings fell 1.13 per cent to close at $1.31.
AXA Asia Pacific Holdings Ltd (ASX:AXA) shareholders have voted in favour of AMP’s $14 billion takeover of the wealth manager. The two motions needed to be passed included; one related to the share scheme by which the takeover will occur. The second related to the sale of the companies Asian businesses to its French parent, AXA SA, which forms part of the AMP deal. Court approval is still required on the AMP takeover, with a hearing scheduled for March 7. Shares in AXA Asia Pacific Holdings are up 1.26 per cent to close at $6.41.
Qantas Airways Ltd (ASX:QAN) says January passenger numbers were up 9.5 per cent, while revenue seat factor of 80.9 per cent was down 0.3 per cent on the prior year.
The Commonwealth Bank of Australia (ASX:CBA) says the amount of cash overdrawn yesterday due to a technical problem with the ATM’s is still being assessed. The ATM’s were placed into offline mode which prevented customers from viewing their balances but enabled them to overdraw.
FRANK Lowy has stepped down from his executive role at shopping mall giant Westfield Group (ASX:WDC), handing over power to two of his sons.
Austar United Communications Ltd (ASX:AUN) says discussions have taken place between its rival Foxtel and major shareholder US-based Liberty Global, in relation to a buyout of the company.
Best and worst performers: The best performing sector at close was Health Care, with the index rising 35 points to close at 8,681. The worst performing sector was Consumer Discretionary, falling 15 points to close at 1,507. The best performing stock in the S&P/ASX200 was Austar United Communications. Shares rose 10.62 per cent to close at $1.25. Shares in Macquarie Atlas Roads and St. Barbara also lifted today. The worst performing stock was Spark Infrastructure Group. Shares fell 5.13 per cent to close at $1.11. Shares in Tatts Group and Infigen Energy also dropped.
In commodities, gold is trading at $US1,430 an ounce. Light crude is up 57 cents at $US100 a barrel.
