Following negative leads the Australian share market opened lower this morning and spent the day in the red, weighed down by bearish global growth outlooks. The market traded within a 25 point range and closed 0.32 percent lower.
The S&P/ASX 200 index closed 15 points down, finishing at 4,491. On the futures market, the SPI is currently 27 points lower.
Economic news
The Westpac and Melbourne Institute Index of Consumer Sentiment lifted 1 per cent to 99.2 in October from 98.2 in September. The Index remains below 100 however, an indication of pessimism among the 1200 people polled.
Company news
Rio Tinto Limited (ASX:RIO) plans for further cost cutting after announcing its expectation that economic growth in China will grow at less than 8 per cent in 2012.
Rio says Chinese economic growth has been robust but is set to moderate in revising its previously expected 8 per cent figure. The global miner expects total capital expenditure on already approved projects to peak this year. Shares in Rio Tinto closed 0.23 per cent up at $55.83.
Alumina Limited (ASX:AWC) reported that its Alcoa World Alumina & Chemicals, or AWAC, partner Alcoa today posted a $141 million third quarter loss.
Alumina CEO John Bevan says that Alcoa’s financial performance was reflective of lower alumina prices and ongoing strength in the Australian dollar, however noted that there were signs of market improvement in the fourth quarter. Alcoa & Alumina have agreed that Alumina will receive $US20 million in dividends from AWAC in the 4thQuarter and not less than $US100 million in 2013. Shares in Alumina closed 2.29 per cent higher at $0.90.
Queensland Mining Corporation Limited (ASX:QMN) shares surged more than 133 per cent after the mineral explorer released results for its flagship White Range copper project in Cloncurry.
Transurban Group (ASX:TCL) says revenue from its Melbourne and Sydney toll roads rose 1.3 per cent to $195 million in the September quarter.
Shares in GR Engineering Services Limited (ASX:GNG) firmed 4.84 per cent after it reached an agreement to settle arbitration proceedings with gold miner St. Barbara Limited (ASX:SBM).
Shares in Calibre Group Limited (ASX:CGH) rose over 16 per cent today after it completed its acquisition of Queensland based G&S Engineering Services for $39 million.
Best and worst performers
The best performing sector was health care adding 74 points to close at 10,749. The worst performing sector was industrials which fell by 29 points and closed at 3,381.
The best performing stock in the S&PASX 200 was Senex Energy Limited (ASX:SXY), rising 5.43 per cent to close at $00.68. Shares in Whitehaven Coal Limited (ASX:WHC) and Goodman Fielder Limited (ASX:GFF) also closed higher.
The worst performing stock was Intrepid Mines Limited (ASX:IAU), dropping 10 per cent to close at $00.36. Shares in NRW Holdings Limited (ASX:NWH) and Linc Energy Limited (ASX:LNC) also closed lower.
Commodities
Gold is trading at $US1,765 an ounce. Light crude is $0.36 down at $US92.42 a barrel. The Australian dollar is buying $US1.022.
