The Australian sharemarket plunged at the open, but had recovered by the close, ending the day flat as global growth concerns continue to weigh on investors.
Today, the S&P/ASX 200 index fell 3 points to finish at 4,270, and lost 6 points over the week. On the futures market, the SPI is currently 9 points weaker.
Looking at Wall Street, over its four trading days this week: The Dow Jones Industrial Average gained 138 points. The S&P 500 Index added 27 points, the Nasdaq was up 93 points, and the 100 Index rose 94 points.
Company news
QR National
(ASX:QRN) has revised down full year earnings guidance to be in the range of $540 to $580 million. In February the company had forecast underlying earnings of $578 million. The numbers have been revised down because of ongoing industrial action, wet weather and weaker demand. QR National shares fell 3.08 per cent today, closing at $3.77.
And in an edge-of-your-seat finish, the move to remove PaperlinX Limited
(ASX:PPX) chairman Harry Boon by shareholder Andrew Price has failed by a narrow margin. Mr Price is said to own around 30 million PaperlinX shares, he had hoped to remove Mr Boon and take a place on the board as director. Mr Price said he was sick of listening to excuses year after year from the board, and that the only excuse he was yet to hear was that the dog had eaten their homework. Mr Boon says he believes the vote is not a protest against him, but a vote against the poor performance of the company. PaperlinX shares were valued at $2.58 when Mr Boon joined the board in May, 2008, but had fallen from highs of more than $4 in 2007. Today PaperlinX shares plummeted 20.0 per cent, closing at $0.096.
Premier Investments Limited,
(ASX:PMV) owner of Portmans, Dotti and Just Jeans, reports an interim net profit of $38.5 million, a 2.4 per cent fall.
And AGL Energy Limited
(ASX:AGK) anticipates building work will start next year for its mega wind farm at Silverton in New South Wales.
Best and worst performers
The best performing sector was Health Care adding 104 points to close at 8,402. The worst performing sector was Materials, falling 133 points to close at 10,850 points.
The best performing stock in the S&PASX 200 was Industrea Limited
(ASX:IDL), rising 7.14 per cent to close at $1.05. Shares in White Energy Company Limited
(ASX:WEC) and OneSteel Limited
(ASX:OST) also added value.
The worst performing stock was Kagara Limited
(ASX:KZL) dropping 6.45 per cent to close at $0.145. Shares in Resolute Mining Limited
(ASX:RSG) and Linc Energy Limited
(ASX:LNC) also lost value.
Commodities
Gold is trading at $US1,645 an ounce and shed $15.46 over the week. Light crude is $0.12 higher, sitting at $US105.47 a barrel.
The Australian dollar
The Australian dollar is buying $1.0393 US cents and is 2 cents lower over the week.
