Following promising Chinese manufacturing figures released yesterday, the Australian share market rallied for the first half of trade before the market retreated on the back of a series of weaker than expected local economic news.
Today, the S&P/ASX 200 index 6 points down to finish at 4,329. On the futures market, the SPI is currently 12 points down.
Economic news
Building approvals came in under expectations for February. The Australian Bureau of Statistics (ABS) reported residential building approvals fell 7.8 per cent in February and were down 15.2 per cent in the year to February.
Australian manufacturing activity contracted last month. The Australian Industry Group and Pricewaterhouse Coopers performance of manufacturing index dropped 1.8 points to 49.5 in March. A read above 50 indicates expansion.
Company news
Uranium producer, Paladin Energy Limited (ASX:PDN) has appointed Alan Rule as its new CFO, effective from 23 July this year. Mr Rule replaces Garry Korte who has been with Paladin since 2009. Mr Rule has been the CFO of Iron Ore producer Mount Gibson Iron Limited (ASX:MGX) since 2005. Shares in Paladin closed 2.18 per cent down at $1.795.
Galaxy Resources Limited's (ASX:GXY) board has backed a deal to acquire Lithium One for $109 million and urged its shareholders to vote in favour of the merger at its annual General Meeting next month. Shares in Galaxy last traded at $0.885.
Rocklands Richfield PCI Limited (ASX:RCI) has received a takeover approach from China’s Shandong Energy Linyi Mining Group valuing the company at up to $202 million.
James Hardie Industries SE (ASX:JHX) has acquired the assets of a US business involved in the pultrusion of fibreglass profiles. James Hardie says the newly acquired assets had sales revenues in 2011 of around $US8 million.
PanAust Limited (ASX:PNA) has commenced producing gold ore at its Ban Houayxai mine in Laos, Southeast Asia and estimates an annual production of 100,000 ounces of gold and 700,000 ounces of silver.
Ausenco Limited (ASX:AAX) has won an engineering, procurement, and construction management (EPCM) contract from HudBay Minerals Inc(TSX:HBM, NYSE:HBM), which will service HudBay’s $US1.1 billion Constancia copper project in Peru.
Best and worst performers
The best performing sector was Materials adding 97 points to close at 11,084.
The worst performing sector was Consumer Staples, losing 57 points to close at 7,590 points.
The best performing stock in the S&PASX 200 was Medusa Mining Limited (ASX:MML) rising 5.75 per cent to close at $5.33. Shares in PanAust and Regis Resources also closed higher.
The worst performing stock was Hastings Diversified Utilities Fund (ASX:HDF), dropping 7.35 per cent to close at $1.955. Shares in APN News and Media and GWA Group also closed lower.
Commodities
Gold is trading at $US1,668 an ounce. Light crude is $0.13 up at $US103.15 a barrel. The Australian dollar is buying $US1.0407.
