The Australian share market has closed 0.7 per cent lower with all sectors finishing the day in the red. The market retreated sharply at open and failed to fully recover after losses in Wall Street on the back of poor earnings reports from McDonalds and General Electric.
The S&P/ASX 200 index closed 30 points down to finish at 4,541. On the futures market, the SPI is currently 33 points down.
Economic newsThe Federal Government has lowered its projected budget surplus for the 2013 financial year in its mid-year economic fiscal outlook. The expected surplus came down from $1.5 billion to $1.1 billion, while the government plans on savings of $16.4 billion over four years in a bid to return the budget to surplus.
Company NewsANZ Banking Group
(ASX:ANZ) has retained its bottom place customer satisfaction ranking among the big four banks in the monthly DBM Consultants business financial services monitor (BFSM). The bank has improved its standing among business clients however remains behind the other major banks, languishing in the position it slid to last December after delaying its monthly interest rate decisions. Shares in ANZ closed steady today at $25.66.
Tabcorp Holdings Limited
(ASX:TAH) and Tatts Group Limited
(ASX:TTS) have reportedly levelled a $1.2 billion compensation claim at the Victorian Government over the state’s new look poker maschine system. According to Fairfax Media Tabcorp and Tatts are claiming $687 million and $491 million respectively, after the former Labor government's decision to scrap the duopoly they enjoyed under the Kennett government. Victorian Premier Ted Baillieu has vowed to fight the claims. Shares in Tabcorp closed 0.69 per cent lower todayat $2.87.
Shares in GrainCorp Limited
(ASX:GNC) soared 38.98 per cent today after proposed US based suitor Archer Daniels midland issued a non binding acquisition proposal.
Sundance Resources Limited’s
(ASX:SDL) Chinese suitor Hanlong Mining has officially secured two Financier commitment letters in a vital step towards completing its takeover bid.
Treasury Wine Estates Limited
(ASX:TWE) shares slipped 7.27 per cent after it lowered growth expectations for fiscal 2013 after a slow performance in the first quarter.
Panoramic Resources Limited
(ASX:PAN) remains on track for full year nickel production of between 18 and 19,000 tonnes, after posting just under 5,000 tonnes in the September quarter.
Best and worst performers The sector with the least losses was Real Estate investment trusts, shedding 0.2 points to finish at 964. The worst performing sector was health care, losing 145 points to close at 10,594 points.
The best performing stock in the S&PASX 200 wasGrainCorp Limited
(ASX:GNC), rising 38.98 per cent to close at $12.30. Shares in Ten Network Holdings Limited
(ASX:TEN) and Emeco Holdings Limited
(ASX:EHL) also closed higher.
The worst performing stock was Treasury Wine Estates Limited
(ASX:TWE), dropping 7.27 per cent to close at $5.10. Shares in Gryphon Minerals Limited
(ASX:GRY) and Bradken Limited ASX:BKN) also finished the day lower.
CommoditiesGold is trading at $US1,727 an ounce. Light crude is $0.46 up at $US90.90 a barrel. The Australian dollar is buying $US1.032.
