The Australian share market clawed back early losses to close flat after hitting its lowest level since September last year. As Japanese military helicopters dumped water on the Fukushima nuclear power plant, investors remained cautious. The death toll in Japan has passed 13,000 and nuclear related stocks continue to slump.
The S&P/ASX200 Index fell 3 points to close at 4,555. On the futures market, the SPI is down 48 points.
Economic news: The Westpac-Australian Chamber of Commerce and Industry (ACCI) industrial trends survey for the March quarter shows its composite index rose six points to 58.9. Business confidence jumped to a record high.
Company news: Woodside Petroleum Ltd (ASX:WPL) has announced it has discovered gas at a new well off the coast of Western Australia. The discovery comes as Australian energy companies find favour amid the worsening Japanese atomic crisis. There are expectations rising that Japan will turn to LNG as a safer alternative. Woodside said the Martin-1 well intersected a gross gas column of about 100 metres within the target geological formation. Shares in Woodside Petroleum jumped 2.15 per cent to close at $42.85.
The ACCC has cleared Southern Cross Media Group’s (ASX:SXL) offer for radio group Austereo. The $741 million offer is the first of three media deals being given the once over. The takeover will give the merged group radio coverage in major cities and regional areas. This would in turn improve access to advertisers. The consumer watchdog found that due to the presence of existing competitors there would not be substantially less competition. The offer will close on April 6. Shares in Southern Cross Media fell 1.85 per cent to close at $1.595.
Mantra Resources Ltd (ASX:MRU) shares took a tumble by as much as 36 per cent today after ARMZ withdrew its billion dollar bid. The Perth-based uranium miner said Russia’s ARMZ advised it had pulled out as a direct result of the blast at Japan’s nuclear facility.
Wesfarmers Ltd (ASX:WES) has put its Premier Coal division on the market to make the most of surging foreign interest, according to The Australian. The Perth based company said it was exploring options for its Premier coal mine which supplies Western Australia’s electricity network.
Myer Holdings Ltd (ASX:MYR) has posted a 5.2 per cent fall in first half earnings, and tipped that its full year result is expected to be lower. Chief Executive Bernie Brookes says trading conditions are likely to remain difficult.
Kathmandu Holdings Ltd (ASX:KMD) has almost tripled its first half earnings, generating a net profit of $7.7 million.
In the best and worst performers: The best performing sector today was Telco Services gaining 15 points to close at 906. The worst performing sector was Industrials falling 30 points to close at 3,551. The best performing stock in the S&P/ASX200 was Bow Energy, shares rising 10.17 per cent to close at $0.975. Shares in Sundance Resources and Intrepid Mines also closed in positive territory. The worst performing stock was Extract Resources, shedding 23.17 per cent to close at $6.50. Shares in Paladin Energy and Kagara also closed weaker today.
In commodities, gold is trading at $US1,395 an ounce and Light crude is 23 cents higher at $US98.21 a barrel.
