The Australian share market has closed flat after a day trading in positive and negative territory. Investors were indifferent to Chinese import and export data, with the big miners closing lower and offsetting gains in the banks.
The S&P/ASX 200 index closed 3 points down to finish at 4,483. On the futures market, the SPI is currently 7 points lower.
Economic newsChina’s inflation rate slowed in September, with the Chinese National Bureau of Statistics data indicating a 1.9 per cent year on year rise in the country’s consumer price index. China’s economy grew 7.6 per cent in the second quarter to the end of June.
The Australian Bureau of Statistics (ABS) has reported that the number of Home Loans granted in August rose 1.8 per cent to 45, 821, while 98,701 new motor vehicles were sold in September, a 4.7 per cent increase.
Company newsAmcor Limited
(ASX:AMC) has sold three of its Australasian flexible packaging plants to privately owned Australian company Integrated Packaging for $22 million. The sites were tendered as part of Amcor’s acquisition of Australian and New Zealand food packaging business Aperio Group earlier this year. The transaction is subject to approval by the Australian Competition and Consumer Commission. Shares in Amcor closed steady at $7.87.
Nickel miner Mincor Resources
(ASX:MCR) has released a revised geological model highlighting the potential for a substantial upgrade in resources at its South Miitel mine in Western Australia. Two underground drilling rigs have been deployed specifically to advance drilling at the site. Mincor CEO David Moore says the upgrades have profoundly positive implications for the mine’s life and the ongoing success of Miitel. Shares in Mincor resources closed 1.48 per cent down at $1.00.
Shares in Ausenco Limited
(ASX:AAX) firmed 2.25 per cent after the engineering company secured a $66 million operations contract renewal at the Isaac Plains Coal mine in central Queensland.
Fortescue Metals Group Limited
(ASX:FMG) shares slipped 3.38 per cent despite the iron ore miner’s successful completion of its credit facility that has been increased to $US5 billion.
Origin Energy Limited
(ASX:ORG) has resumed its BassGas joint venture operation at the Yolla offshore platform in the Bass Strait, although certain installations have been further delayed.
Ten Network Holdings Limited
(ASX:TEN) shares sagged 5.41 per cent after the media company responded to speculation its sale of outdoor advertising division Eye Corp to private equity group Champ is in trouble.
Best and worst performersThe best performing sector was Real Estate investment trusts adding 6 points to close at 965.The worst performing sector was Materials, losing 86 points to close at 10,027 points.
The best performing stock in the S&PASX 200 was BlueScope Steel Limited
(ASX:BSL), rising 4.35 per cent to close at $0.48. Shares in SMS Management & Technology Limited
(ASX:SMX) and ALS Limited
(ASX:ALQ) also finished the day higher.
The worst performing stock was Linc Energy Limited
(ASX:LNC), dropping 6.87 per cent to close at $0.61. Shares in Billabong International Limited
(ASX:BBG) and Resolute Mining Limited
(ASX:RSG) were also lower at market close.
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ommoditiesGold is trading at $US1,746 an ounce. Light crude is $0.75 down at $US91.11 a barrel. The Australian dollar is buying $US1.022.
