Weak offshore leads has forced the Australian share market 0.7 per cent lower today, as speculation continues to grow that Spain will request a bail out package this week. A sell-off in mining stocks have also led shares downwards.
The S&P/ASX 200 index is 30 points down at 4,379 On the futures market the SPI is 25 points lower.
Company news NRW Holdings Limited
(ASX:NWH) says its Port Hedland inner Harbour contract has been reduced by about $75-80 million. The mining industry contractor doesn’t expect the downsize to impact its full year guidance. The company recently announced a $133 million contract to build Rio Tinto Limited's
(ASX:RIO) Cape Lambert iron ore plant in project in Western Australia. Shares in NRW Holdings are trading down 4.27 per cent at $2.24.
Nufarm Limited
(ASX:NUF) has rebounded to a full year net profit as the agricultural chemicals maker forecast further improvements in its underlying performance for the year ahead. Nufarm posted a net profit of $72.6 million up from a loss of $49.9 million the same time last year and despite one-off legal cost impairments of about $30 million. Shares in Nufarm are trading down 2.05 per cent at $5.73.
Best and worst performers The best performing sector is real estate investment trusts gaining 5 points to 933. Shares in Mirvac Group
(ASX:MGR) have risen 1.79 per cent and trading at $1.42. Shares in Westfield Retail Trust and CFS Retail Property Trust are also stronger.
The worst performing sector is energy, falling 198 points to 12,455. Shares in Whitehaven Coal
(ASX:WHC) have fallen 3.34 per cent, trading at $2.89. Shares in Beach Energy and Linc Energy are also lower.
Gold and the dollar
Gold is trading at $US1,762 an ounce and the Australian dollar is buying $US1.041.