Markets Live: Stocks end the day lower

• Aquila Resources: -7.47%
• Fortescue: -6.03%
• Goodman Fielder: -5.71%
• Bathurst Resources: -5.71%
• Wotif: 4.87%

4.31pm: Here are the five best-performed companies for the week on the ASX200:

• Macmahon Holdings: +13.08%
• Beach Energy: +12.44%
• Billabong: +11.85%
• Pacific Brands: +11.24%
• Energy World Corporation: +10.39%

4.25pm: All sectors finished the week in positive territory. Here are the five day returns for the sub indices on the ASX200:

• Energy: +4.65%
• Info tech: +3.8%
• Utilities: +3.77%
• Consumer staples: +3.17%
• Industrials: +3.12%
• Consumer disc: +2.83%
• Telecoms: +2.81%
• Financials: +2.77%
• Health: +2.7%
• Materials: +2.22

4.22pm: That's a 2.85 per cent gain for the week and as we mentioned earlier that's the strongest weekly close since the start of December last year - 8 months, or thereabouts. Bravo everyone.

4.12pm: That's it folks. Aussie stocks have closed the day lower but the week higher. The All Ordinaries index lost 5.7 points, or 0.14 per cent, to 4230.6, while the benchmark S&P/ASX200 closed 7.5 points lower, or 0.18 per cent, to 4199.1.

3.56pm: And to the biggest sliders for the day on the ASX200:

• Arrium: -4.67%
• Wotif: -4.64%
• Fortescue: -4.36%
• Gindalbie Metals: -4.14%
• Emeco Holdings: -3.03%

3.54pm: A quick recap of today's best performerd stocks on the ASX200:

• Toll: +7.57%
• Macmahon Holdings: +6.25%
• Seven West Media: +6.21%
• Hastings: +5.96%
• Panaust: +5.63%

3.46pm: With markets nearing the close, it looks like we're going to post the biggest weekly gain since the week ended 2 December, 2011. The market closed more than 7 per cent higher that week, but we're a little way off those dizzying heights. At this stage, the ASX200 has added 2.8 per cent for week.

3.35pm: Australian shares resting on their laurels to the end the week, says Tim Waterer, senior trader at CMC Markets.

‘‘The ASX200 was just meandering along much of the day and never ventured too far from the 4200 level, with moves higher by the resource stocks being offset by moderate weakness in the broader market,’’ says Mr Waterer.

‘‘Resource stocks came home with a wet sail to end the week, with the likes of BHP eventually getting some traction from the strong quarterly production figures witnessed in recent days.

‘‘But overall it seemed the market was content to be in consolidation mode after the recent shift higher. After Thursdays 2 per cent daily gain, our market can be forgiven for just ambling to the close on Friday.’’

3.28pm: As the graph above shows, stocks are losing momentum in late trade. The ASX200 is down again - 5.2 points, or 0.1 per cent, to 4201.5.

3.22pm: Gold is set for a weekly drop after Federal Reserve chairman Ben Bernanke provided no specific plans for further purchases of debt to bolster the US economy, while saying policy makers are studying options for more easing, Bloomberg reports.

Immediate-delivery gold is little changed at $US1583.10 an ounce after earlier gaining 0.2 per cent to $US1585.25.

The price is set to decline 0.4 per cent this week. August-delivery bullion is little changed at $US1582.10 an ounce on the Comex, also poised for a weekly loss.

3.11pm: While the news has been bleak for the local car industry in recent times, US companies will hire more people and expand plants over the next year to keep up with increasing consumer demand for vehicles to replace aging cars and trucks, according to a report.

Despite worries about declining demand in Europe caused by the debt crisis and pressures on vehicle pricing, US car executives surveyed by advisory firm KPMG are bullish about their companies' prospects, Reuters reports.

"The survey results clearly demonstrate a US automotive industry that is regaining confidence," Gary Silberg, KPMG's national auto industry leader, says.

3.03pm: ANZ group chief executive Michael Smith says he plans to continue overseeing the lender's push to become a super-regional bank, confirming his plans to remain in his job.

There was media speculation earlier this month that Smith was a potential CEO candidate for Barclays after Bob Diamond quit in the wake of the Libor-rigging scandal.

"I came here to articulate and execute a strategy to create a super-regional bank," Smith said at a business lunch. "Obviously my job is not done... and I intend to complete it."

2.50pm: Asian markets are mixed this afternoon after impressive rallies in the previous session with investors taking heart from another strong performance on Wall Street.

Hong Kong has added 0.22 per cent, Seoul has risen 0.3 per cent but Tokyo has slipped 1 per cent and Shanghai is 0.42 per cent lower.

2.45pm: The chief executive of up-for-sale poultry business Inghams says there is interest in the family-owned company from Australian buyers but there is no certainty they will be able to compete with foreign bidders.

CEO Kevin McBain says he has received expressions of interest from Australian entities since company owner Bob Ingham's surprise announcement on Monday that he had decided to sell the business.

''I believe that there will be some interest because I have had a couple of inquiries this week,'' Mr McBain hsa told AAP.

''Whether they can compete with the offers that I expect will come from overseas remains to be seen.''

2.35pm: Asciano has struck a fresh deal with Bluescope Steel and Arrium to continue providing them with rail linehaul services across Australia.

The existing deal between Asciano’s Pacific National Rail division and the two steelmakers was due to expire in January 2015 but will now run through to at least 2022.

Pacific National will move about three million tonnes of steel products a year between manufacturing sites and distribution terminals in mainland capital cities.

Asciano says it has also signed a new seven-year agreement with BlueScope to continue supplying rail services within the BlueScope Port Kembla Steelworks.

2.26pm: Australia's import prices rose by more than expected last quarter as a lower dollar added to rising costs for fuel and drugs, underlining how important a strong currency has been in restraining inflation.

Data from the government shows import prices rose 2.4 per cent in the second quarter from the first quarter, when they fell 1.2 per cent. The increase outstripped forecasts of a 1.5 per cent rise, led by costlier petrol and pharmaceuticals.

More encouragingly, prices for Australia's exports firmed 1.0 per cent to partly recoup some of the first quarter's 7.0 per cent drop, with metal ores and gas leading the gains.

More here.

2.07pm: US private equity firm TPG is considering partnering with a Hollywood media executive to bid for debt-laden media company Nine Entertainment, a source says, in what could be a $US3.1 billion ($2.97 billion) buyout.

TPG is looking to team up with Harry Sloan, a former chairman of Hollywood studio Metro-Goldwyn-Mayer, for Nine, which is owned by private equity firm CVC Capital Partners, the source, who had direct knowledge of the matter, has told Reuters.

They could buy some or all of Nine's assets, the source said, adding that TPG Managing Partner Ben Gray met with Nine's top management this week in Sydney. The source declined to be named because the matter is confidential.

TPG and CVC declined to comment.

1.55pm: Heineken has made a $US4.1 billion ($3.95 billion) offer to take full control of the Singapore-based maker of Tiger beer, attempting to see off a competing bid from Thailand’s biggest beverage maker.

Heineken says it is offering 50 Singapore dollars a share to Fraser & Neave, which owns half of the Tiger beer maker Asia Pacific Breweries.

Asia Pacific Breweries is a joint venture between Heineken and Fraser & Neave.The Dutch brewer’s move comes after Thai Beverage earlier this week said it had entered into agreements with three shareholders to take a 22 per cent stake in Fraser & Neave.

1.46pm: Crude prices have fallen as traders take profits after a week of gains sparked by tensions in the Middle East and US stimulus hopes, analysts say.

New York's main contract, light sweet crude for August delivery, has shed 53 cents to $US92.13 a barrel and Brent North Sea crude for delivery in September has fallen 38 cents to $US107.42.

Crude prices are winding down after soaring for most of the week, says Justin Harper, market strategist for IG Markets Singapore.

"They've come down a little bit because of the inevitable profit taking," he tells AFP.

"They have seen some solid gains in the last few days... so there will be a little bit of profit taking at the end of this week."

1.37pm: Sydney Airport has recorded its best June on record for international and domestic passenger numbers as Singaporeans and Malaysians took advantage of cheap airfares.

International passenger numbers increased 10.4 per cent while domestic passenger numbers grew by 4 per cent in the year to June, Sydney Airport says.

The number of Singaporeans arriving in Sydney increased by 62 per cent and the number of Australians travelling to Singapore increased by 29 per cent in the month.

1.31pm: Blogger James Adonis asks: Is it hypocritical to complain when our jobs are sent offshore?

Read his full post here.

1.24pm: IG Markets institutional dealer Chris Weston says leads overnight from Wall Street have not been enough to inspire the local market today.

‘‘There was some pretty disappointing data that again fed into the idea that we’re likely to see (quantitative easing) certainly being initiated in September.

‘‘We’re just seeing a bit of hesitation at the moment, people are questioning what’s next.’’

1.10pm: China’s economy will continue to grow for decades and the Australian government should expand relations with its largest trading partner, said Mike Smith, chief executive officer of Australia & New Zealand Banking Group Ltd.

‘‘Given the massive economic dependency Australia has on China, it’s clear that a more sustained effort has to be put into framing that relationship,’’ Smith told the Australia China Business Council in Sydney today.

‘‘We haven’t been as active as we might have been in taking an over-arching view of the Australia-China relationship and its long-term health.’’

The world’s second-largest economy will become a ‘‘vitally important’’ source of capital for Australia, Smith said. He noted Chinese banks are seeking to replace European lenders in Australia’s syndicated loans market.

12.55pm: One from BusinessDay's Chris Zappone. Sixteen lenders have dropped the interest rates on their three-year fixed-rate home loans this week as demand for housing loans continues to sag.

The lenders cut by an average of 13 basis points taking the average three-year fixed rate to 6.01 per cent, according to financial comparison site Rate City. Suncorp chopped the most, lowering the rate by 31 basis points to 5.72 per cent.

Analysts said that sinking global interest rates - triggered by continuing worries about the outlook for the world's economy - have lowered the costs Australian banks pay for fixed-rate loans.

Fixed home loan rates are usually a good indicator of the direction interest rates will move because lenders set their fixed rates based on their projected estimate of rate movements," said RateCity spokeswoman Michelle Hutchison.

12.41pm: Here are the top 10 movers by percentage among the top 100 stocks on the ASX

• Alumina is up 5 cents, or 7.41%, to 72.5 cents
• Seven West Media is up 6.5 cents, or 4.48%, to $1.51
• Panaust Limited is down 9 cents, or 4.05%, to $2.31
• Paladin Energy is up 4.2 cents, or 3.61% , to $1.20
• Fortescue Metals Group is down 15 cents, or 3.27%, to $4.43
• Boral is up 10 cents, or 3.15%, to $3.27
• Beach Energy is up 3 cents, or 2.91%, to $1.06
• Apa Group is down 14 cents, or 2.76%, to $4.93
• Fairfax Media is up 1.5 cents, or 2.65%, to 58 cents
• Leighton Holdings is up 40 cents, or 2.51%, to $16.33

12.30pm: The Aussie dollar, meanwhile, is holding its six-week high against the greenback following the release of domestic terms of trade data. A short time ago, the Aussie dollar was trading at $US1.0417, up from $US1.0393 yesterday.

12.20pm: Something from a little earlier on Darrell Lea. Darrell Lea administrators are expected to meet with the embattled confectioner’s creditors for the first time today.

Mark Robinson from administrators PPB Advisory is chairing the meeting, the first with creditors since Darrell Lea was placed in voluntary administration on July 10.Discussions are unlikely to be around potential buyers which will likely be held in following meetings, a spokesman for PPB Advisory said.

‘‘The main areas of discussion will just be approving the appointment of the administrators,’’ the spokesman said. ‘‘It’s protocol for the creditors to have a vote to approve (them).’’

12.12pm: Aussie stocks are now making a more meaningful move into positive territory. Markets are 0.2 per cent higher after falling 0.3 per cent shortly when trade resumed today.

12.05pm: A slight interruption to the smooth running of one of the nation's largest banks this morning. Some customers of Commonwealth Bank have been unable to log-on to the NetBank site.

"Sorry, NetBank is temporarily unavailable," a note posted to the website said. "We're aware of this issue and are working to resolve it as soon as possible." BusinessDay is investigating.

11.55am: Troubled surfwear retailer Billabong says it is "pleased" with retail shareholder support for its $225 million capital raising, despite underwriters being left to take up 49 per cent of the offering.

The company told the sharemarket this morning that it had received applications from retail shareholders for $35.4 million in new shares - representing about 51 per cent of retail entitlements.

The shortfall of 33.22 million shares will be taken up by underwriters Goldman Sachs and Deutsche Bank.

Billabong raised $156.1 million in the institutional component of its raising, taking the total raised to $225.4 million.

11.51am: Foreign trade price figures suggest the terms of trade, a key indicator for the Australian economy, have moved into mildly positive territory, after falls in previous readings. The terms of trade is the ratio of export prices to import prices.

The figures, released by the Australian Bureau of Statistics (ABS), show the import price index rose 2.4 per cent in the June quarter, while the export price index was up 1.0 per cent. As a result, the ratio of the export price index to the import price index rose by 0.42 per cent in the quarter, after losing 5.9 per cent in the March quarter.

A higher terms of trade is generally seen as boosting national spending power and putting upward pressure on the Australian dollar.

11.43am: The big banks are down - but not drastically - in a mixed market:

• CBA is 0.34% lower to $55.71
• ANZ is 0.3% lower to $23.16
• NAB is 0.46% lower to $23.97
• Westpac is 0.04% lower to $22.94

11.37am: Media company Ten Network Holdings it will receive up to $145 million for the sale of domestic and international outdoor advertising business Eye Corp to the CHAMP Private Equity-controlled oOh!media.

The figure comprises $120 million cash plus $25 million payable over three years. EYE has operations in Australia, New Zealand, the US, UK and Indonesia. Under the deal, Ten will retain some of EYE's Australian contracts, worth about $16 million, but oOh!media will take over their operations as a subcontractor.

Ten chief executive James Warburtong said Ten was "pleased with the outcome."

11.33am: There are some sliders among the materials stocks on the ASX200, however:

• Bathurst Resources: -4.41%
• Fortescue: -3.16%
• Arrium: -1.63%
• James Hardie: -1.43%

11.30am: It's materials stocks which are pushing Aussie stocks back toward positive territory. Here are some of the leaders on that index:

• Alumina: +6.96%
• Panaust: +5.41%
• Resolute Mining: +4.69%
• Boral: +3.47%
• Sundance: +3.13%

11.27am: Both the All Ords and the ASX200 have both tipped into positive territory.

11.20am: For those out there seeking a pay rise, new Yahoo chief executive Marissa Mayer should provide some inspiration. She will receive a remuneration package worth more than $US59 million ($A56.78 million) over the next several years.

Yahoo said Mayer would receive an annual salary of $US1 million ($A962,418). She’s also eligible for a $US2 million ($A1.92 million) bonus, and $US12 million ($A11.55 million) in restricted stock and stock options that will vest over several years.

The 37-year-old, who was lured away from Google Inc, will also receive $US30 million ($A28.87 million) in the form of a one-time retention award if she stays at Yahoo for five years.

11.09am: Among the big winners in the early trade is uranium miner Paladin, which continued yesterday's stellar rise on expectations it willl receive a takeover offer. Paladin has added a further 4.72 per cent to yesterday's gain of 9.39 per cent.

Seven Group Holdings and Seven West Media also lifted more 5 per cent this morning. The Kerry Stokes-chaired Seven West Media is reversing yesterday's losses, having fallen after completing the institutional component of its capital raising and ahead of its retail offer, which starts next week. Seven Group Holdings, the media and industrial business also chaired by Stokes, was up 42 cents to $7.47.

On the losers list is Fortescue Metals, following its strong rise yesterday, and Wotif.com, down 3.71 per cent.

11.03am: RBS Morgans director of equities Bill Chatterton said it was unclear why the local market had fallen in early trade.

‘‘Across the board the market is having a breather,’’ Mr Chatterton said.

‘‘We weren’t expecting it to ease after a strong night on Wall Street. It could be a bit of profit taking as the market trades within a range of around 4,000 to 4,200 point.’’

10.59am: Whitegoods and furniture retailer Gerry Harvey has invested in the Melbourne toy supplier Funtastic.

Funtastic told the sharemarket this morning that a private company associated with the Harvey Norman chairman had sub-underwritten its $4.46 million retail entitlement offer.

Bell Potter was the lead manager of the issue. Funtastic is seeking to raise $24.6 million to pay down debt, including a $4.46 million retail offer. The offer is priced at 14.5 cents. Funtastic shares were recently up 3% to 15 cents.

10.54am: While the market’s down today, a couple of big gains this week – especially yesterday’s – means the ASX200 is about 2.7 per cent higher over the five days.

Bit of a way to go yet but if the current level improves a smidge, it’ll be the best week since the start of December last year.

10.47am: So-called soft commodities have generally posted increases overnight as the US drought continues to add to supply concerns.

Corn prices approached record highs, wheat rose to a four-year high and soybeans hit fresh highs.

Even cotton prices rose as farmers are expected to switch out of the crop to tap rising prices for corn and even beans. Coffee, sugar and cocoa prices also rose.

As noted in the blog in recent days, higher grain prices may trigger a drop in meat prices if grain-fed livestock get sold off. According to Bloomberg US hog (eg pig) producers may lose about $US20 per animal over the next three quarters, while pig farmers in the UK are losing about 18 pounds ($26) a head.

10.39am: Shaw Stockbroking adviser Jamie Spiteri says investors are pocketing profits before the weekend.

“The market had an 83-point rise yesterday,” he said, putting the index at its best level in two months.

“At the same time, we’ve got a currency that has topped up to trade over $US1.04 overnight so it probably stifles a bit of the uplift in the performance yesterday.”

Mr Spiteri says the strength of the Aussie lessens the appeal of Australian stocks in global investors’ eyes.

“So it’s profit-taking at these levels," he says.

10.34am: Shares in takeover target Hastings Diversified have surged as investors anticipate a bidding war erupting for the company after the competition watchdog, the ACCC, late yesterday, gave APA Group the greenlight to pursue the company, Brian Robins reports.

APA launched a cash and scrip offer for Hastings Diversified, a pipeline owner, valuing the target at around $2, late last year.

Its offer has been eclipsed by a bid from a consortium of Canadian and local investors, which is offering $2.35 cash a share.

Hastings shares are up 15 cents, or 6.4 per cent, to $2.50.

10.30am: Among the banks, ANZ is down 20 cents, or 0.86 per cent, to $23.02, CBA is down 50 cents, or 0.89 per cent, to $55.40, NAB is down 21 cents, or 0.87 per cent, to $23.87 and Westpac has lost 15 cents, or 0.65 per cent, to $22.80.

10.24am: Among the big miners, BHP is steady at $31.10 and Rio Tinto is down 5 cents, or 0.09 per cent to $53.31. Fortescue has lost 10 cents, or 2.1 per cent, to $4.49.

10.17am: Among the sectors in the opening minutes - miners are flat, financials are down 0.5 per cent and industrials are down 0.1 per cent.

10.13am: The market is now heading lower. The ASX200 is down 12.3 points, or 0.29 per cent, to 4194.3.

10.09am: Ten Network has entered a trading halt, pending an announcement on the sale of its outdoor advertising business, Eye Corp. Its shares last traded at 50.5 cents.

An announcement on the sale will be made by Tuesday.

According to the AFR, the business will be sold within $130 and $150 million to the CHAMP Private Equity-owned oOh!media.

10.05am: Early take: the ASX200 is pretty much flat - down 2 points.

9.59am: Westpac’s acting financial services boss Peter Hanlon is to take on a new advisory role with the bank when he steps down from his current job.

Mr Hanlon has been running Westpac’s newly-created financial services division, which is to be headed by ANZ recruit Brian Hartzer from August 20.

Westpac chief executive Gail Kelly says Mr Hanlon, who has been with the bank since 1990, would take on the new role of enterprise executive when he hands over to Mr Hartzer.

His main role will be to advise Ms Kelly and her executive team on industry issues as well as implement the next phase of the bank’s strategy.

9.54am: Ten Network may be a focus of investors after The Australian Financial Review reports that it has agreed to sell its Eye Corp outdoor advertising division for between $130 million to $150 million to CHAMP Private Equity-owned rival oOh!media. The deal still needs the approval of the ACCC.

Cabcharge may also feature after RBS cut its recommendation to "hold" from "buy", and has lowered its profit target by 17 per cent.

In local economic news, the ABS releases its international trade price indexes for June.

9.49am: Arab Bank Australia treasury dealer David Scutt says there were some encouraging signs in the market on Thursday but questions remained ‘‘whether this (rally) is going to be a long-lasting event or a flash in the pan".

“There’s no real major data out today to take the attention of the investors so regional markets will dictate how we trade today,” says Mr Scutt.

The outlook for the dollar will also remained strong in the current climate, he says.

“Everyone seems to be ‘long’ Aussie dollar [expecting it to remain firm] which means I would suspect there would be some sort of minor corrections over the next few days,” he says.

9.45am: Yahoo! chief Marissa Mayer will be paid $1 million a year and be eligible for many times that amount in stock and bonuses if she hangs on to the post, the company has revealed.

In addition to the annual salary, Mayer will get $2 million yearly in bonus cash if Yahoo! hits financial performance marks, according to paperwork filed with the US Securities and Exchange Commission.

Mayer will also get $12 million in stock grants and options that will vest over the coming three years, the filing indicates.

9.38am: Another batch of earnings out of the US... get the latest from our world news index.

9.32am: For a comprehensive look at this morning’s business news, check today’s need2know. Here are this morning’s key market links:

What you need to know

• SPI futures are 5 points higher at 4165
• The $A is higher at $US1.043
• In the US, the S&P 500 rose 0.27% 1376.5
  
• In Europe, the FTSE100 rose 0.5% to 5714.2
• Gold rose to $US1582 an ounce
• WTI crude oil rose $US2.80 cents to $US92.66 a barrel
• Reuters/Jefferies CRB index rose 2% to 304.97

9.30am: Good morning folks. Welcome to the Markets Live blog for Friday the 20th.

Contributors: Peter Litras, Peter Hannam, Thomas Hunter

This blog is not intended as investment advice

BusinessDay with agencies