The Australian sharemarket has ended the day in the red, having tumbled to a two week low in earlier trade. It was a tough day for major miners and Leighton Holdings Ltd (ASX:LEI) shares plunged. Media reports in China that inflation is above forecasts had a negative impact on the market.
The S&P/ASX200 Index fell 27 points to close at 4,884. On the futures market, the SPI is down 21 points.
Economic news: New motor vehicle sales rose by 3.4 per cent in March, according to the Australian Bureau of Statistics. It was the largest rise in 10 months.
Company news: Ten Network Holdings Ltd (ASX:TEN) director Peter Viner will be stepping down next month. The announcement is the latest in a series of board shake ups at the network. In a statement, Ten chairman Brian Long thanked the executive for his service to the broadcaster over the past twenty years. No reason for the departure has been given. Shares in Ten closed flat at $1.39.
Australand Property Group (ASX:ALZ) says it expects earnings to grow by at least 5 per cent. The group also has a new chairman from today, Oliver Lim, formerly a non-executive director. Managing Director Bob Johnston reaffirmed the company’s distribution guidance of 21.5 cents per security. That’s a rise of five per cent on 2010. Shares in Australand Property Group also closed flat at $3.04.
Qantas Airways Ltd (ASX:QAN) engineers have voted to take industrial action, pushing for increases in wages and job security according to The Australian. Talks between the airline and engineers are said to be continuing.
BC Iron Ltd (ASX:BCI) is in a trading halt ahead of an announcement regarding the availability of financing to suitor Regent Pacific Group. The securities will remain in a halt until Monday. It’s the third time in a month the miner has placed its shares in a trading halt.
Bank of Queensland Ltd (ASX:BOQ) reported first-half net profit fell 45 per cent due to an increase in bad debts. The bank also announced its chief executive will retire at the end of the year.
Shares in Leighton Holdings Ltd (ASX:LEI) plunged 12 per cent after the property developer resumed trade, having announced earlier today it had raised $514 million from institutions as part of the new share sale.
In the best and worst performers: The best performing sector was Utilities with the index adding 56 points to close at 4,279. The worst performing sector was Industrials, dipping 44 points to close at 3,711. The best performing stock in the S&P/ASX200 was Regis Resources shares rose 5.06 per cent to close at $2.49. Shares in Transfield Services and Elders also closed in positive territory today. The worst performing stock was Leighton Holdings, shedding 11.89 per cent to close at $24.93. Shares in Kingsgate Consolidated and Energy Resources of Australia also closed weaker today.
In commodities, gold is trading at $US1,463 an ounce and Light crude is $0.28 cents higher at $US107.39 a barrel.
