The Australian share market has spent the day in the red and finished 0.8 per cent down, with major mining stocks the chief detractors.
The S&P/ASX 200 index closed 40 points down to finish at 4,950.
The value of trades was $4.3 billion on volume of 713 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 48 points down.
Company news
Westpac Banking Corporation
(ASX:WBC) financial services unit chief Brian Hartzer says his units key strategy favours simplification, a growing customer base and high growth segments such as wealth, as opposed to complete overhauls of core banking platforms. Mr Hartzer says Westpac’s Australian financial services unit is performing well and building momentum, as the bank pushes ahead with its plan to overcome sluggish credit growth by drawing on its range of bank brands. Shares in Westpac closed 1.06 per cent down at $30.68.
Kathmandu Holdings Limited
(ASX:KMD) has posted a 72.7 per cent surge in its first half net profit of $8.2 million and says full year earnings will be anchored by the performance of its Australian operations. CEO Peter Halkettt says the strength of Kathmandu’s Australian operations and effective cost management should deliver a strong profit outcome for the full year. Shares in Kathmandu closed 0.76 per cent up at $1.98.
Australia’s leading carrier Qantas Airways
(ASX:QAN) has officially been given the green light by the competition watchdog, to integrate with its subsidiary, Jetstar Asia, in the booming Vietnam, Japan, Hong Kong and Singapore markets.
Infrastructure company Transfield Services Limited ( ASX:TSE) has been awarded a two year, $170 million contract with the National broadband network.
UGL Limited
(ASX:UGL) is set for a shake-up, after announcing a company wide review, to be undertaken by CEO Richard Leupen.
BHP Billiton Limited
(ASX:BHP) is reportedly pushing ahead with the approvals process for a $10 billion floating LNG project in Australia, with energy giant and JV partner Exxon Mobil.
Best and worst performers
The best performing sector was Utilities adding 11 points to close at 5,510.
The worst performing sector was Materials, losing 144 points to close at 9,643.
The best performing stock in the S&PASX 200 was UGL Limited
(ASX:UGL), rising 12.2 per cent to close at $10.58. Shares in Emeco Holdings Limited
(ASX:EHL) and Fleetwood Corporation Limited
(ASX:FWD) also closed higher.
The worst performing stock was Atlas Iron Limited
(ASX:AGO), dropping 6.09 per cent to close at $1.08. Shares in Senex Energy Limited
(ASX:SXY) and Mineral Deposits Limited
(ASX:MDL)also closed lower.
Commodities
Gold is trading at $US1,600 an ounce. Light crude is $0.05 up at $US94.86 a barrel.
The Australian dollar
The Australian dollar is buying $US1.046.
