The Australian share market has finished slightly lower this afternoon, dragged down by energy shares which fell 1.1 per cent today. The Market was flat for the majority of the day despite investors digesting better than expected economic data out of the US and Chinese trade data, as US Fiscal Cliff and Greek bailout concerns continued to weigh.
The S&P/ASX 200 index closed 14 points down to finish at 4,448. On the futures market, the SPI is currently 27 points down.
Economic news
The value of credit card purchases in September dropped to its weakest level since April according to data released by the Reserve Bank of Australia. Credit card purchases fell to $19.5 billion in September, down from $21.7 billion in August. September credit card balances fell to $49.1 billion.
The Australian Bureau of Statistics has reported housing finance figures for September lifted 0.9 per cent to over 46,000. Economists were expecting a 1 per cent rise for the month. Total housing finance by value rose 3.8 per cent.
Company news
National Australia Bank Limited (ASX:NAB) chief executive Cameron Clyne stands to be awarded almost $4 million worth of bonuses. The bank’s shareholders will vote on the grant of performance rights to Mr Clyne and the bank’s director of finance Mark Joiner in December, just months after NAB posted a 22 per cent drop in full year net profit to $4.08 billion. Shares in NAB closed 0.71 per cent down at $23.64.
Origin Energy Limited (Public, ASX:ORG) CEO Kevin McCann says consumers will be the ones to suffer amid continued state government regulation of electiricity prices. Mr McCann told investors at Origin’s AGM today that Victoria’s de-regulated model provides the best outcome for consumers. He says that Queensland, New South Wales and South Australian state governments are still regulating electricity prices, long after price controls were removed from other household staples. Shares in Origin Energy closed 1.34 per cent down at $10.28.
Shares in QBE Insurance Group Limited (ASX:QBE) slipped over 8 per cent after the insurer estimated retained losses from Hurricane Sandy to be up to $450 million.
Also in the fallout from Sandy’s devastation, Lend Lease Group (ASX:LLC) is facing legal action over the collapse of its construction crane in New York during Hurricane Sandy.
BlueScope Steel Limited (ASX:BSL) shares fell 5.21 per cent today, with the steel manufacturer saying it will not proceed with its $290 million offering of senior unsecured notes to US institutional investors.
Royal Wolf Holdings Limited (ASX:RWH) says it will acquire Queensland based Australian Container and Engineering Services for an undisclosed amount.
Best and worst performers
The best performing sector was Telco adding 7 points to close at 1,415.
The worst performing sector was Energy, losing 131 points to close at 12,160.
The best performing stock in the S&PASX 200 was Seven West Media Limited (ASX:SWM), rising 4.5 per cent to close at $1.16. Shares in Navitas Limited (ASX:NVT) and Fletcher Building Limited (ASX:FBU) also finished the day higher.
The worst performing stock was Lynas Corporation Limited (ASX:LYC), dropping 10.56 per cent to close at $0.72. Shares in QBE Insurance Group Limited (ASX:QBE) and Mirabela Nickel Limited (ASX:MBN) also closed lower.
Commodities
Gold is trading at $US1,735 an ounce.
Light crude is $0.14 up at $US86.21 a barrel.
The Australian dollar
The Australian dollar is buying $US1.042.
