The Aussie sharemarket slipped after lunch to close 0.235 per cent lower. It did add about $65 billion in value in January though. Takeover hopes and sales reports lifting retailers like JB HiFi, David Jones and Woolworths.
The S&P/ASX 200 Index lost 10 points to finish at 4,263. On the futures market, the SPI is 20 points lower.
Economic news
RP Data-Rismark’s home value index shows capital city house prices fell a seasonally adjusted 0.2 per cent in December, despite a move by the Reserve Bank to cut interest rates.
Figures released by the Reserve Bank of Australia (RBA) say total credit provided to the private sector by banks and other lenders rose by 0.3 per cent in December. It was the second monthly 0.3 cut in a row. Figures also show annual growth in credit slowed to 3.5 per cent.
Company news
Woolworths Limited
(ASX:WOW) sales lifted five per cent in the first half to $29.7 billion. The result was driven by a 5.6 per cent rise in sales in the company’s supermarket division. The general merchandise and Big W divisions both fell though. Meanwhile Woolies also unveiled plans today to sell off its Dick Smith consumer electronics brand, taking a $300 million restructuring charge as part of the move. Shares in Woolworths closed 1.39 per cent higher at $24.79.
Mining magnate Clive Palmer's China First Pty Limited is suing QR National
(ASX:QRN) for $8 billion. Palmer is accusing the privatised rail operator of a breach of confidentiality and misleading conduct, over plans to build a rail link between the central Queensland coast and the Galilee basin coal region.QR National is partly owned by the Queensland government, prompting the state’s premier Anna Bligh to call Palmer’s lawsuit "disturbing". Shares in QR National closed 1 per cent higher to $3.71.
Kingsgate Consolidated Limited
(ASX:KCN) says its forecasting a doubling in gold output after reporting a better than expected production of 113,134 ounces of gold in the year to June 2011.
Gunns Limited
(ASX:GNS) shares shot up more than 52 per cent today on news the Tasmanian forestry company has received an extension to the end of the year to pay back its debt.
Origin Energy Limited's
(ASX:ORG) lifted its first half revenue by five per cent, with thanks, it says, to higher commodity prices. That’s despite lower production and sales volumes.
AWE Limited
(ASX:AWE) says it’s on track to meet its full-year production and revenue targets of 5.0 to 5.5 million barrels of oil equivalent, after booking oil and gas production for the December quarter of 1.4 million barrels.
Best and worst performers
Consumer staples was up 53 points to 7,389. The worst performing sector was energy, down 119 points, closing at 13,804.
The best performing stock in the S&P/ASX200 was JB Hi-Fi; it rose 6.6 per cent to $12.60. Shares in David Jones and Gryphon follow.
The worst performing stock was Navitas; it dropped 10.84 per cent to $2.88, followed by Medusa and White Energy.
Commodities
The price of gold is $US1,735 an ounce and Light crude is up 46 cents at $US99.24 a barrel.
