The Aussie sharemarket closed 0.07 per cent lower. It regained some early losses during the afternoon but weakened in late trade, with energy and materials stocks dragging it down.
Today, the S&P/ASX 200 Index lost 3 points to finish at 4,191. On the futures market, the SPI is up 40 points.
Economic newsThe latest read on consumer sentiment has fallen. Westpac and the Melbourne Institute’s index of consumer sentiment shed 8.3 per cent in December after gaining 6.3 per cent in November. Despite a rate cut earlier this month, the index fell from 103.4 points in November to 94.7, its lowest level since August.
Job ads on the internet rose by 5.4 per cent in November compared to a month earlier, national data shows. The Department of Education, Employment and Workplace Relations internet vacancy index was 87.3 points, 6.9 per cent lower in seasonally-adjusted terms than in November 2010.
Company newsGas pipeline owner APA Group
(ASX:APA) has made a $1.8 billion takeover offer for Hastings Diversified Utilities Fund
(ASX:HDF). It already owns 20.7 per cent of HDF, and has offered 50 cents and 0.326 of its own securities for each remaining HDF security in an off-market bid.
The offer implies a value of $2 for each HDF security, and implies an enterprise value of about $1.8 billion for the investment fund. Shares in APA Group
(ASX:APA) closed 0.65 per cent lower, at $4.57.
Rio Tinto Limited’s
(ASX:RIO) says it’s not seeking full control of Ivanhoe, after an arbitrator upheld the miner’s challenge to Ivanhoe’s poison pill defence. Rio says it might attempt to raise its stake to a majority position, but a move won’t be part of a plan to launch a full takeover bid. Shares in Rio Tinto Limited
(ASX:RIO) closed 0.64 per cent higher today $63.16.
ANZ
(ASX:ANZ) may fare well from the European debt crisis, according to a News Ltd report that says the prospect of distressed European banks shedding Asian assets aligns well with ANZ's strategy to derive up to 30 per cent of group profit from the Asian region by 2017.
CSR Limited’s
(ASX:CSR) chief executive Rob Sindel’s called the federal government’s carbon price scheme dangerous and stupid. Fairfax reports Sindel says the levy’s a risk to the economy and will lead to higher prices in the building product industry for consumers.
Telstra Limited
(ASX:TLS) has a new CFO and group managing director. Former AXA Asia Pacific chief executive Andrew Penn will replace John Stanhope on the first of March. Current deputy chief financial officer Mark Hall will stay in the role until then.
And a former James Hardie Industries
(ASX:JHX) employee will receive more than $300,000 in compensation after the High Court dismissed an appeal against the award today. John Booth argued that he was exposed to Asbestos while working for two former James Hardie companies, Amaca Pty Limited and Amaba Pty Ltd.
Sectors and stocksUtilities was the best performer, up 25 points to 4,553. The worst performing sector was energy, dropping 48 points, closing at 13,367.
The best performing stock in the S&P/ASX200 was Hastings Diversified Utilities Fund, it rose 7.34 per cent to close at $1.90. Shares in Downer EDI and Coalspur Mines also finished stronger today.
The worst performing stock was White Energy, it dropped 14.29 per cent to 39 cents, followed by Kagara and Independence Group.
CommoditiesThe price of gold is $US1,640 an ounce and Light crude is down 17 cents at $US99.97 a barrel.
