The Australian share market opened higher but dipped into the red by noon, trading in a narrow range and closing flat. Amid a series of earnings reports released today, the financial and energy sectors dragged while the telco and health sectors showed strength.
The S&P/ASX 200 index lost 5 points to finish at 4,263. On the futures market the SPI is currently 14 points lower.
Company news
Shares in Goodman Fielder Limited (ASX:GFF) jumped to today’s best performer amid takeover speculation. The jump came after Singapore’s Wilmar International Limited yesterday secured a 10 per cent stake in the breads and spreads producer. Goodman moved to hose down the speculation before the market opened, telling investors it has not received any proposals and is committed to executing its strategic plan. Shares in Goodman Fielder jumped 33.01 per cent today, closing at $0.685.
Shares in Billabong International Limited (ASX:BBG) fell today after the surf-wear retailer said it had ceased talks with its suitor, private equity group TPG Capital, after rejecting a sweetened bid. Billabong says it is however prepared to engage with TPG or any other party that makes a proposal in the best interest of the company and its shareholders. Shares in Billabong International fell 2.3 per cent today, closing at $2.98.
Shares in Telstra Corporation Limited (ASX:TLS) lifted as Australia’s largest telco said it had scored regulatory approval to structurally separate in preparation for the $36 billion National Broadband Network.
Shares in Aristocrat Leisure Limited (ASX:ALL) rose to one of the top 200’s best performers after the gaming company unveiled a 21 per cent jump in its fiscal 2011 net profit and forecast growth ahead.
Shares in Southern Cross Media Group (ASX:SXL) also gained after the media company almost tripled its half year net profit, boosted by a $36 million one-off benefit arising from its purchase of Austereo radio group.
Shares in James Hardie Industries SE (ASX:JHX) sunk to the worst performer following the release third quarter results and a downbeat outlook from the building products manufacturer.
Best and worst performers
The sectors closed mixed: The best performing sector was Health Care adding 114 points to close at 8,246. The worst performing sector was Financial Excluding Real Estate Investment Trusts, losing 28 points to close at 4,583 points.
The best performing stock in the S&PASX 200 was Goodman Fielder Limited (ASX:GFF), rising 33.01 per cent to close at $0.685. Shares in Aristocrat Leisure Limited (ASX:ALL) and Southern Cross Media Group (ASX:SXL) also added value.
The worst performing stock was James Hardie Industries SE (ASX:JHX), dropping 4.24 per cent to close at $7.23. Shares in Linc Energy Limited (ASX:LNC) and FKP Property Group (ASX:FKP) also lost value.
Commodities
Gold is trading at $US1,770 an ounce.
Light crude is $0.51 lower at $US108.05 a barrel.
