The Australian sharemarket has closed 0.3 per cent higher although volumes were low amid concerns over Europe’s debt crisis and higher oil prices.
The S&P/ASX200 Index ended 11 points higher at 4,258. On the futures market, the SPI is currently down 8 points.
Economic news
Average weekly ordinary time earnings for full-time employees rose 1.2 per cent in the three months to August.
Company news
BHP Billiton Limited (ASX:BHP) (NYSE:BHP) says economic uncertainty and market volatility has made it a challenging environment in the short term. Chief executive Marius Kloppers says he expects higher volatility to remain until Europe’s debt crisis is worked out. In response to the volatility the miner’s customers have taken a more cautious approach. Mr Kloppers says the company’s long-term outlook has not changed. BHP shares rose 1.06 per cent today, finishing at $37.04.
Aston Resources Limited’s (ASX:AZT) chief executive Todd Hannigan and chief financial officer Tom Todd have resigned in a shock management cleanout. Peter Kane has been appointed interim CEO and Garry Wayling interim CFO. Aston’s founder and major shareholder Nathan Tinkler has been appointed non-executive chairman. Aston Resources shares slumped 11.16 per cent today, closing at $9.55.
Spotless Group Limited (ASX:SPT) says a takeover offer of almost $700 million from a private equity firm undervalues the industrial services company.
Goodman Fielder Limited (ASX:GFF) says it’s considering selling its flour milling and commercial fats and oils businesses as part of a strategic review.
BlueScope Steel Limited (ASX:BSL) has confirmed its forecast for a significant loss of more than $1 billion. The company defended its decision to pay $3 million in bonuses.
James Hardie Industries (ASX:JHX) (NYSE:JHX) has returned to profitability with a net profit of $126 million for the six months to September 30.
Best and worst performers
The best performing sector was Telco services, gaining 7 points to close at 1,090. The worst performing sector was Real Estate Investment Trusts, losing 3 points to close at 794 points.
The best performing stock in the S&P/ASX200 was Gloucester Coal, jumping 6.84 per cent to close at $7.50. Shares in James Hardie Industries and Intrepid Mines also finished stronger.
The worst performing stock was Aston Resources as mentioned earlier. Shares in Mount Gibson Iron and Perseus Mining also fell.
Commodities
The price of gold is $US1,763 an ounce and Light crude is down $0.31 at $US102.28 a barrel.
