Interpac Business and Migration Solutions Melbourne Australia

(October 8, 2010)

THE Australian sharemarket mirrored a weak lead from Wall Street by closing marginally lower as investors took profits.
The benchmark S&P/ASX200 index was down 10 points, or 0.21 per cent, at 4,681.3 points, while the broader All Ordinaries index had eased 5.9 points, or 0.12 per cent, to 4,740.3 points.

On the Sydney Futures Exchange, the December share price index contract was five points lower at 4,696 points, with 19,878 contracts traded.

City Index head of dealing Asia Pacific Michael McCarthy said the sharemarket had ground higher after an initial drop of more than 20 points, consolidating recent spectacular gains and appearing to move into a new, higher trading range.

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"There is very little in terms of detectable investment themes, with no particular sector shining, and volumes have dropped away from the elevated levels seen over the last week," Mr McCarthy said.

"Many of today's moves are a reversal of the main thrust of the week, suggesting profit taking and position squaring ahead of tonight's US jobs numbers."

Mining stocks were mixed, with Alumina among the few stand outs after it said it had received $US41 million ($41.82 million) in dividends from its AWAC joint venture with Alcoa.

Alumina was up 7.5 cents, or 3.93 per cent, at $1.985.

BHP Billiton was down five cents at $41.00, Rio Tinto had inched one cent lower to $79.55 and Fortescue had gained 27 cents, or 4.88 per cent, to $5.80.

Fortescue was the best performed stock on the S&P/ASX100 index.

BHP Billiton said it would pay about $C90 billion ($90.07 billion) in royalties and taxes for its Jansen potash project in Canada.

(Source:theAustralian)