The Australian share market slipped today in what was a mixed day of trade. After spending most of the session in neutral, the big miners put the market in reverse by midday on lower metals prices. Increased radiation levels in Japan, and increased pressure on Federal Labor also weighed on sentiment.
The S&P/ASX200 Index fell 9 points to close at 4,734. On the futures market, the SPI is down 21 points.
In company news: Farm chemicals supplier Nufarm has presented an upbeat outlook for its 2011 financial year. It came after the company announced first half earnings of 4.4 million dollars...up from a corresponding loss of 40 million dollars. Nufarm says it’s benefited from a number of improvements in its operating environment...but warned its earnings prospects for the balance of the current financial year were dependent on a number of factors outsode the company’s control. The company did not declare an interim dividend. Nufarm shares falling 2.8 per cent to close at $5.20.
And according to media reports, Rio Tinto’s bid for Riversdale Mining looks set to “go right down to the wire”. Sources say it will largely depend on what Brazilian steel maker CSN decides to do with its 20 per cent stake. As of Friday, just under 40 per cent of Riversdale shares had been converted...well short of the required 50 per cent. If the deal fails, the offer will revert to 16 dollars a share and will remain open until the 6th of April. If successful this evening, it’ll be Rio’s first major takeover since Alcan back in 2007. Shares in Rio Tinto shedding 0.23 per cent to close at $81.83.
Also making news: Wesfarmers’ supermarket chain, Coles, has defended its move to aggressively cut its milk and liquor prices. Chairman Bob Every says it’s part of the five year plan and is aimed at winning back the trust of its customers...not damaging the supply chain. And TV and radio broadcaster Southern Cross Media has extended the deadline for its takeover of the Austereo Group from April 6 to April 12. The offer will become free of conditions a day after it achieves at least 50.1 per cent of Austereo shares.
In other news: Sigma Pharmaceuticals Ltd (ASX:SIP) has nearly halved its full year net loss and announced it will pay shareholders a special dividend after selling its pharmaceuticals division.
In the year to 31 January 2011 the drug distributor’s net loss declined to $235 million, narrowing from $398 million the year before. And Fortescue Metals Group Ltd (ASX:FMG) is considering a dual listing on the Hong Kong Stock Exchange, according to the Australian Financial Review.
In the best and worst performers: The best performing sector was Telecommunications with the index adding 13 to close at 937. The worst performing sector was Industrials, losing 26 points to close at 3,683.
The best performing stock in the S&P/ASX200 was Sigma Pharmaceuticals... shares rising 10.84 per cent to close at 46 cents. Shares in Elders and Linc Energy also closed in positive territory today.
The worst performing stock was Aquarius Platinum, shedding 6.87 per cent to close at $5.42. Shares in Mincor and Kagara also closed weaker today.
In commodities, gold is trading at $US1,425 an ounce and Light crude is 31 cents weaker at $US105.09 a barrel.
