The Australian share market closed 0.63 per cent down today despite strong GDP figures. Strength in exports were weighed by anemic consumer spending results and commentators are suggesting the weak iron price and a drop in consumer sentiment haven’t yet hit and will become evident in the next quarter’s figures.
On the markets real estate trusts were the only major sector in the green today.
The S&P/ASX 200 index closed 35 points down to finish at 5,445.
The value of trades was $3.99 billion on volume of 679 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP),Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 36 points down.
Company news
CFS Retail Property Trust Group
(ASX:CFX) will sell its interest in The Entertainment Quarter in Sydney for $80 million.
The investment trust will sell the property to a private consortium headed by Gerry Harvey, John Singleton and Mark Carnegie. The EQ is a retail, entertainment and office precinct next to the Sydney Cricket Ground, Hordern pavilion and Fox studios. CFS Retail Property Trust closed 0.48 per cent up at $2.09.
Namoi Cotton Co-operative Limited
(ASX:NAM) has bought the remaining 50 per cent of the Australian Cotton Ginning Company to now control the operations that are just outside Hillston in NSW.
The cotton co-operative previously held a 50-50 share in the operation with Twynam Cotton. The company says the acquisition will help it grow and expand its core ginning and cotton seed trading business. It hopes to process more that 170,000 bales of the 2014 crop. Shares in Namoi Cotton closed 3.45 per cent up at $0.30
Industrial property investor Australand Property Group
(ASX:ALZ) has received a $2.6 billion takeover bid from Singapore-listed Frasers Centrepoint. The rival offer of $4.48 per share compares to a bid by Australian property developer Stockland
(ASX:SGP) whose final, all-scrip offer values Australand at $4.35 per share.
Noni B Limited
(ASX:NBL) has revealed it is mulling offers from third parties interested in buying or taking a controlling stake in the company.
Australia’s biggest airline Qantas Airways Limited
(ASX:QAN) has fuelled speculation the nation’s capacity wars could be coming to an end as the airline works to bring back profitability.
UGL Limited
(ASX:UGL) has scored a $280 million four year contract from Queensland Government owned energy company Stanwell Corporation.
Best and worst performers
The best performing sector was Real Estate Investment Trusts adding 9 points to close at 1,076. The worst performing sector was consumer discretionary, losing 23 points to close at 1,768 points.
The best performing stock in the S&P/ASX 200 was Australand Property Group
(ASX:ALZ), rising 5.57 per cent to close at $4.55. Shares in Regis Resources Limited
(ASX:RRL) and Ten Network Holdings Limited
(ASX:TEN) also closed higher.
The worst performing stock was Acrux Limited
(ASX:ACR), dropping 9.41 per cent to close at $0.77. Shares in Karoon Gas Australia Limited
(ASX:KAR) and Sirius Resources
(ASX:SIR) also closed lower.
Commodities
Gold is buying $US1,246 an ounce.
Light crude is $0.19 up at $US102.66 a barrel.
The Australian dollar is buying $US0.9266
