After a choppy start, the Australian sharemarket has ended the day flat as investors remain cautious ahead of this weekend’s carbon tax announcement.
The S&P/ASX200 Index finished flat at 4,606. On the futures market, the SPI is currently down 6 points.
Company news
Singapore Telecommunications Ltd (ASX:SGT) owned Optus must pay more than $5 million after losing a case against the regulator for misleading advertising. The ACCC sued the company over an advertising campaign for broadband internet plans. The court ruled the telco misled people about the download allowance they could get under the plan. Shares in SingTel today were flat to close at $2.39.
Bunnings, owned by Wesfarmers Ltd (ASX:WES) could lose customers to rival Masters stores owned by Woolworths Ltd (ASX:WOW) according to a new report by the Royal Bank of Scotland. The author of the report expects Masters to have 95 stores in five years, breaking even in the 2013-14 financial year. The report details that Bunnings is expected to lose share in localised markets where Masters opens, but because of Bunnings’ own store rollout, sector consolidation and growth in the market, there’s expected to be minimal overall impact on its sales base. Shares in Wesfarmers fell 0.56 per cent today, ending at $31.70.
The CSR Ltd (ASX:CSR) managing director has launched an attack on the government’s carbon tax policy. He declined to give a profit forecast for the year ahead.
Stem cell medicine developer Mesoblast Ltd (ASX:MSB) has received approval from the US Food and Drug Administration to go ahead with its phase three trial for bone marrow regeneration in patients with blood cancers.
Shares in News Corporation (ASX:NWS) continued to fall amid rising controversy over the media company’s British operations.
Mining, engineering and rail products provider Bradken Ltd (ASX:BKN) says it will pour $222 million into acquiring two companies.
Sectors and stocks
The best performing sector was Health Care, rising 60 points to close at 8,429. The worst performing sector was Consumer Discretionary, easing 7 points to close at 1,364.
The best performing stock in the S&P/ASX200 was Virgin Blue Holdings shares gained 9.52 per cent to close at $0.345. Shares in Murchison Metals Ltd and Intrepid Mines Ltd also closed higher today.
The worst performing stock was Gryphon Minerals Ltd, falling 6.6 per cent to close at $1.84. Shares in News Corporation and Lynas Corporation Ltd also closed lower today.
Commodities
Gold is trading at $US1,534 an ounce and Light crude is up $0.66 cents at $US97.31 a barrel.
