Following positive US leads, the Australian share market opened higher and traded mostly in positive territory before closing almost where it started.
Today, the S&P/ASX 200 index closed 8 points down to finish at 4,263. On the futures market, the SPI is currently 12 points down.
Company news
Qantas Airways Limited (ASX:QAN) has inked a deal with China Eastern Airlines to create a low cost carrier model in China, under the banner of Jetstar Hong Kong. Jetstar Hong Kong will have a maximum establishing cost of $US198 million and will cover short haul services in Asia, greater China, Japan and South East Asia. Qantas says the new agreement will build a strong platform for accessing the world's fastest growing aviation market. Shares in Qantas closed 2.02 per cent higher at $1.765.
Wealth manager Perpetual Limited (ASX:PPT) is considering applying to the Takeovers Panel in relation to the cross-shareholding deal between Washington H. Soul Pattinson and Company Limited (ASX:SOL) and Brickworks Limited (ASX:BKW) according to the Australian Financial Review. Perpetual has reportedly said it is assessing its legal options to break up the cross-shareholding arrangement, in order to realise full value for shareholders. Shares in Perpetual closed 1.33 per cent down at $24.46.
MaxiTRANS Industries Limited (ASX:MXI) has acquired Queensland Diesel Spares for $21.6 million as part of its strategy to expand its truck parts business nationally.
Leighton Holding’s Limited (ASX:LEI) subsidiary Visionstream, has been awarded a four-year $300 million contract with the National Broadband Network, for the roll out in Tasmania.
Atlas Iron Limited (ASX:AGO) has secured a deal to acquire the remaining rights on the Daltons tenements projects in Western Australia from Haoma Mining NL (ASX:HAO).
Bank of Queensland Limited (ASX:BOQ) says it expects to post a $91 million first half loss and has announced a $450 million equity raising.
Best and worst performers
The best performing sector was Utilities adding 16 points to close at 4,838. The worst performing sector was Consumer Discretionary, losing 13 points to close at 1,270 points.
The best performing stock in the S&PASX 200 was White Energy Company Limited (ASX:WEC) rising 10.81 per cent to close at $0.41. Shares in Silver Lake Resources Limited (ASX:SLR) and Oceanagold Corporation (ASX:OGC) also closed higher.
The worst performing stock was Dart Energy Limited (ASX:DTE) dropping 7.58 per cent to close at $0.305. Shares in Mirabela Nickel Limited(ASX:MBN) and Myer Holdings Limited (ASX:MYR) also closed lower.
Commodities
Gold is trading at $US1,664 an ounce.
Light crude is $0.32 down at $US106.55 a barrel.
The Australian dollar is buying $US1.045.
