The Australian share market closed 0.2 per cent lower, coming off the days low in late trade but still languishing as the US budget stalemate enters its second week. Healthcare was the only major sector to finish stronger, while the Aussie dollar was given a nudge higher by positive business confidence and job advertisements data.
Also today, Investment holding company 99 Wuxian began trading on the ASX. FNN was on hand to witness a traditional Chinese lion dance, ushering in prosperity for the Hong Kong based company.
The S&P/ASX 200 index closed 12 points down to finish at 5,149. The value of trades was $3.8 billion on volume of 633 million 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 16 points down.
Economic news
NAB has released its Business Confidence and Business Conditions reports for September, revealing a 3 and a half year high for Australian business confidence. The confidence index rose to 12 points in September, from 4 in August and -5 in July. Business conditions meanwhile were -4 in September, up from -7 in July and August, remaining subdued according to NAB chief economist Alan Oster.
Job advertisements rose 0.2 per cent in September, the first monthly increase since February, according to the ANZ job ad survey. Newspaper job ads rose 1.1 per cent, while internet job ads rose 0.2 per cent. ANZ says that while job ads had fallen for six consecutive months, the pace of decline seemed to have moderated in recent times.
Company news
Ardent Leisure Group
(ASX:AAD) has announced a $15 million Gold Coast theme park advertising campaign in conjunction with the Queensland Government and Village Roadshow Limited
(ASX:VRL). The Theme Park Capital of Australia campaign aims to reinforce the Gold Coast’s position as Queenslands leading tourist destination, via a joint media and promotional campaign to both Australia and New Zealand. Shares in Ardent Leisure Group closed 0.27 per cent down at $1.85.
ASX Limited
(ASX:ASX) Chief Elmer Funke Kupper says the share market operator has no plans to merge with any Asian market operators, having neither pressure nor intentions for such a move. Mr Funke Kupper, speaking at a business lunch, said opportunities for consolidation between market operators exist in the US and Europe where there is pressure to gain scale. Shares in ASX closed 0.12 per cent up at $34.20.
Fairfax Media Limited
(ASX:FXJ) shares slipped 2.73 per cent as the publisher and broadcaster issued a denial to rumours of a possible radio merger with the Macquarie Radio Network, saying no decision has been made to merge.
Qantas Airways Limited
(ASX:QAN) shares firmed 1.06 per cent after the carrier said the arrival of the first batch of new Boeing 787 Dreamliners for its budget offshoot Jetstar will help narrow the gap in costs with Virgin Australia Holdings Limited
(ASX:VAH).
Warrnambool Cheese & Butter Factory Co
(ASX:WCB) shares soared 11.15 per cent after it recommended a takeover bid from Canada’s largest dairy processor Saputo Inc, after rejecting an offer from Bega Cheese Limited
(ASX:BGA).
Explosives maker Orica Limited
(ASX:ORI) shares firmed as the explosives maker recruited former Macmahon Holdings Limited
(ASX:MAH) Managing Director Nick Bowen as its Executive Global Head of Mining Services.
Best and worst performers
The best performing sector was Healthcare adding 146 points to close at 13,722.
The worst performing sector was Energy, losing 103 points to close at 13,696.
The best performing stock in the S&PASX 200 was Alacer Gold Corp - CDI
(ASX:AQG), rising 4.76 per cent to close at $3.30. Shares in Atlas Iron Limited
(ASX:AGO) and Cardno Limited
(ASX:CDD) also closed higher.
The worst performing stock was CuDeco Limited
(ASX:CDU), dropping 9.75 per cent to close at $1.80. Shares in Paladin Energy Limited
(ASX:PDN) and Magellan Financial Group Limited
(ASX:MFG) also closed lower.
IPO's 99 Wuxian Limited
(ASX:NNW) started trading today. The Hong Kong based investment holding company floated with an issue price of $0.40, opened at $0.55 and is closed at $0.45.
Commodities
Gold is trading at $US1,325.50 an ounce. Light crude is $0.81 down at $US103.03 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9432.
