The Australian share market closed more than one per cent lower this afternoon. It had a brief high just before midday of just under 4,085, but by close, all sectors except healthcare and consumer staples were in the red.
The S&P/ASX200 Index closed 41 points lower at 4,040. On the futures market, the SPI is down 50 points.
Economic news
the latest minutes from the Reserve Bank of Australia’s September board meeting reveal that economic uncertainty prevented the central bank from hiking the official cash rate, which now stands at 4.75 per cent.
Company news
Qantas Airways Limited (ASX:QAN) workers have ruled out any further strikes after today’s stop work meeting put the travel plans of more than 6,000 passengers in disarray. More than 4,000 of the airline’s ground staff went on strike over pay and conditions today around the nation, but were back at work by 11am. The airline’s spokeswoman Olivia Wirth said in defence that it pays baggage handlers 12 per cent more than Virgin staff. Shares in Qantas Airways Limited (ASX:QAN) lost 1.62 per cent, closing at $1.52.
Meanwhile traffic at Sydney airport declined slightly by 0.7 per cent in August, according to its owner MAP Group (ASX:MAP). Domestic traffic fell 1.7 per cent, while international traffic rose 1.7 per cent. MAP also said traffic through its Copenhagen and Brussels airports increased. Shares in MAP Group (ASX:MAP) closed 0.91 per cent lower today at $3.25.
Seven Group Holdings Limited (ASX:SVW) is set to make a $3 a share, cash, off-market takeover offer for the shares it doesn’t currently own in National Hire Group Limited. The media company said its conscious of the low liquidity of National Hire shares. It currently owns 66.2 per cent of the company.
The federal court today dismissed the ACCC’s bid to stop Metcash Limited's (ASX:MTS), $215 million purchase of Franklins supermarkets from Pick ‘n Pay stores of South Africa. The court said the parties are free to complete the transaction ahead of the appeal being heard next month.
Mantle Mining Corporation Limited (ASX:MNN) had its trading halt lifted this afternoon after it told investors about a new share sale to raise $1.96 million. The money will be raised in a non-renounceable entitlement issue of one share for every six held by shareholders.
And New Hope Corporation Limited (ASX:NHC) reported a full year profit today almost three times its profit from last year, to $503.1 million for the year to July 31, up from $183.8 million last year. New Hope will pay a fully franked dividend of five cents per share.
Best and worst performers
The best performing sector was healthcare, gaining 61 points to close at 7,302. The worst performing sector was materials, falling 195 points to close at 11,687 points.
The best performing stock in the S&P/ASX200 was Macquarie Atlas Roads, lifting 4.42 per cent to close at $1.30. Shares in Transpacific Industries and Austar finished the day stronger.
The worst performing stock was Bathurst Resources, down 11.49 per cent closing at 77 cents. Paladin and Acrux also closed lower.
Commodities
Gold is trading at $US1,775 an ounce. Light crude is down 10 cents at $US85.60 a barrel.
