Following mixed leads, the Australian share market opened higher and fell before noon and stayed at session lows to close 0.3 per cent down.
The S&P/ASX 200 index closed 11 points down to finish at 4,281. On the futures market, the SPI is currently 10 points down.
Economic news
The Australian Bureau of Statistics today released its labour price index for the June quarter, revealing a 1 per cent rise in the total hourly rates of pay, whereas the wage price index rose 3.7 per cent from this time last year.
Westpac Banking Corporation (ASX:WBC) and the Melbourne Institute have shown the Survey of Consumer Sentiment dropped 2.5 per cent to 96.6 in August after rising 3.7 per cent the month before.
Company news
Paladin Energy Limited (ASX:PDN) has struck a $US200 million supply deal with an undisclosed major utility. The uranium miner’s says the six year off take contract will see them deliver 13.73 million pounds of uranium between 2019 and 2024. Shares in Paladin Energy spiked 10.32 per cent today to close at $1.39.
Hastings Diversified Utilities Fund (ASX:HDF) has received an increased takeover bid from suitor Pipeline Partners Australia, the latest twist in a protracted battle for the pipeline owner. Pipeline Partners previous all cash offer of $2.32 per share has now been lifted to $2.43. Hastings board members maintain their recommendation that shareholders accept the Pipeline Partners offer, despite an offer with an implied value of $2.45 from rival suitor APA Group (ASX:APA). Shares in Hastings Diversified Utilities Fund closed 1.58 per cent down at $2.49.
Casino operator Echo Entertainment Group Limited (ASX:EGP) has felt the effects of soft consumer confidence and write-downs on its VIP gambling business, today posting an 80 per cent fall in its full year net profit.
Real estate investor Westfield Retail Trust (ASX:WRT) has cited a challenging retail environment for a 5.3 per cent fall in its first half net income.
Sims Metal Management Limited (ASX:SGM) expects to post a full year net loss of $521 million next week, dragged down by impairment charges and a weak North American metals market.
Car parts manufacturer ARB Corporation Limited (ASX:ARP) has cautioned that short term growth will be limited by capacity constraints despite improving its full year net profit by 1.7 per cent.
Best and worst performers
The best performing sector was Health Care adding 111 points to close at 9,514.
The worst performing sector was Materials excluding real estate investment trusts, losing 131 points to close at 9,621 points.
The best performing stock in the S&PASX 200 was Primary Health Care Limited (ASX:PRY), rising 11.97 per cent to close at $3.46. Shares in Paladin Energy Limited (ASX:PDN) and Mesoblast limited (ASX:MSB) also closed higher.
The worst performing stock was Alacer Gold Corporation (ASX:AQG), dropping 10.53 per cent to close at $5.10. Shares in Sims Metal Management Ltd (ASX:SGM) and OZ Minerals Limited (ASX:OZL) also closed lower.
Commodities
Gold is trading at $US1,602 an ounce. Light crude is $0.18 down at $US93.25 a barrel.
The Australian dollar is buying $US1.048.
