The Australian share market closed 0.2 per cent down after coasting flatly through the trading day. Local stocks pulled back some of yesterdays losses at open before petering out as the day wore on and not showing any overt reaction to the ectraordinary leadership wrangle unfolding in Canberra.
The S&P/ASX 200 index closed 8 points down to finish at 4,959. The value of trades was $6.8 billion on volume of 1 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 5 points down.
Company news
Billabong International Limited
(ASX:BBG) today entered a trading halt after its shares hit record lows, seeking time to investigate the unflattering trading levels. The days low of 63 cents falls well below the purported $1.10 per share offer touted by potential suitors, suggesting the surfwear retailer will not receive a formal takeover offer. Shares in Billabong closed 14.2 per cent down at $0.70.
Saracen Mineral Holdings Limited
(ASX:SAR) has appointed current chief operating officer Raleigh Finlayson to become managing director of the company, effective from April. Since joining the company in February 2008, Mr Finlayson has managed the completion of the definitive feasibility study and development of Saracen’s Carosue Dam operation in Western Australia. Shares in Saracen closed 4.62 per cent down at $0.31.
Premier Investments Limited
(ASX:PMV) is confident of growth opportunities in the year ahead after marking a 20.7 per cent increase on its first half net profit.
Iron ore giant Fortescue Metals Group
(ASX:FMG) boss Nev Power has hit out at critics who accuse the company of restricting third party access to its railways, saying access to funding is the real culprit to project delays.
Building manufacturer Brickworks Limited ( ASX: BKW) today revealed a fairly flat first half profit result of $56.082 million, anticipating a fourth quarter pick up in residential activity and subsequent lift in full year earnings.
The Commonwealth Bank
(ASX:CBA) has been given the green light by the competition watchdog for a full acquisition of Aussie Home loans.
Best and worst performers
The best performing sector was Energy adding 104 points to close at 13,301.
The worst performing sector was Consumer Staples, losing 121 points to close at 9,957.
The best performing stock in the S&PASX 200 was Western Areas Limited
(ASX:WSA), rising 5.92 per cent to close at $3.58. Shares in TPG Telecom Limited
(ASX:TPM) and Seven West Media Limited
(ASX:SWM) also closed higher.
The worst performing stock was Billabong International Limited
(ASX:BBG), dropping 14.2 per cent to close at $0.70. Shares in Troy Resources Limited
(ASX:TRY) and Mirabela Nickel Limited
(ASX:MBN) also closed lower.
Commodities
Gold is trading at $US1,607 an ounce. Light crude is $0.23 down at $US93.27 a barrel.
The Australian dollar
The Australian dollar is buying $US1.037.
