The Australian share market has eased from the days highs to finish 0.1 per cent higher following Chinese export data falling below expectations to grow at a weaker rate compared to last year. The S&P/ASX 200 index closed 6 points up to finish at 4,558.
The value of trades was $3.4 billion on volume of 773 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Fortescue Metals Group Limited
(ASX:FMG).
On the futures market, the SPI is currently 5 points higher.
Economic news
The Australian Bureau of Statistics says home loan demand grew below expectations in October, rising by 0.1 per cent to 46,477, while total housing finance grew by 1.8 per cent to $21.6 billion.
Company news
Fortescue Metals Group Limited
(ASX:FMG) is in discussions with BC Iron Limited
(ASX:BCI) relating to the partial sale of its interests in the Nullagine joint venture in Western Australia. Under the $190 million deal, BC will acquire an additional 25 per cent of the Nullagine for a total holding of 75 per cent, with Fortescue retaining a quarter share. Fortescue says the joint venture is not considered material to the company.
Shares in Fortescue Metals closed 6.86 per cent up at $4.05.
Woodside Petroleum Limited
(ASX:WPL) will further expand its exploration interests in Myanmar after reaching a joint venture agreement with local company MPRL E & P to acquire a 50 per cent interest in a block within the Rakhine Basin. The oil and gas explorer says the deal provides an option for 3D seismic surveying in the block and provides an option for future drilling. The offer remains subject to conditions including due diligence and various approvals. Shares in Woodside Petroleum closed 0.85 per cent down at $33.93.
Atlas Iron Limited
(ASX:AGO) has completed a $US325 million financing package and remains on track to meet its Pilbara iron ore production targets by December next year.
Shares in Australand Property Group
(ASX:ALZ) firmed more than 6 per cent today, with the property developer confirming it has received a non-binding acquisition proposal from GPT Group
(ASX:GPT) pertaining to its Investment Property Portfolio and its commercial and Industrial business.
Leighton Holdings Limited
(ASX:LEI) is a step closer to finishing its Victorian desalination project, requiring ten more consecutive days of full operation to reach completion by the end of this year.
Graincorp Limited’s
(ASX:GNC) proposed takeover by US company Archer Daniels Midland is reportedly set to face delays following the likely scrutiny China’s Ministry of Commerce.
Best and worst performers
The best performing sector was Real Estate Investment Trusts adding 11 points to close at 985.
The worst performing sector was Healthcare, losing 180 points to close at 11,485 points.
The best performing stock in the S&PASX 200 was Linc Energy Limited
(ASX:LNC), rising 9.26 per cent to close at $0.89. Shares in Arrium Limited
(ASX:ARI) and Fortescue Metals Group Limited
(ASX:FMG) also closed stronger, Fortescue of course featuring in the top three shares traded by volume today, with 31 million shares traded.
The worst performing stock was Ten Network Holdings Limited
(ASX:TEN), dropping 9.08 per cent to close at $0.24. Shares in Southern Cross Media Group Limited
(ASX:SXL) and Sundance Resources Limited
(ASX:SDL) also finished the day trading lower.
Commodities
Gold is trading at $US1,706 an ounce. Light crude is $0.23 up at $US86.16 a barrel.
The Australian dollar
The Australian dollar is buying $US1.047.
