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SYDNEY - Australian stocks ended lower in a quite day's trading today on mixed commodity prices and a lackluster lead from Wall Street
Retailers Woolworths and David Jones were stronger after the Coles Group board recommended its shareholders accept a refreshed, A$21 billion takeover offer from Wesfarmers.
At the 1615 AEST close, the benchmark S&P/ASX200 index lost 12.1 points at 6262.8, while the all ordinaries fell 12.4 points to 6298.2.
On the Sydney Futures Exchange, the September share price index contract rose 10 points to 6287 on a volume of 19,530 contracts.
ABN Amro Morgans private client adviser Bill Bishop said the local market had fallen after a weak lead from the United States and mixed base metal price.
"It's been a pretty flat days trading with the market looking to find its feet," Mr Bishop said.
"Certainly , Wall Street wasn't too bad - it was also a bit of a nothing night there too.
Mr Bishop said the market may also be taking a breath after steaming ahead for the last three months.
"We had a bit of fright last week and we're getting over the fright.
"The subprime mortgages question (in the US) still lurks, but it's been put on the back burner temporarily."
Shares in Coles Group and Wesfarmers remained at A$16.12 and A$45.73 having been placed in a trading halt ahead of Wesfarmers announcement this afternoon of a new, A$17.25 bid for Australia's second biggest retailer.
"We've heard this is it a number of times, but at A$17.25 a share, I think they could do a lot worse than take it," Mr Bishop said.
"It's a bit like selling property.
"Quite often when you don't auction the house and the auction fails you don't always settle afterwards and the value starts to diminish if people think the sellers are cornered."
"And Coles has sort of cornered themselves a bit by not dealing with the offshore people."
A consortium of private equity firms, lead by TPG Group had previously pulled out of the running for the buy.
Rival retailer Woolworths added 35 cents to A$27.35 and high-end retailer David Jones picked up seven cents to A$6.64.
"Woolworths might be being seen by the management as being in a position to capitalise from any disorganisation arising from the sale of Coles," Mr Bishop said.
Mining heavyweight BHP Billiton added two cents to A$35.05 and rival Rio Tinto fell 79 cents to A$98.00.
National Australia Bank fell 42 cents to A$40.60, Commonwealth Bank lost 57 cents to A$54.68, ANZ dropped 28 cents to A$28.71.
But Westpac bucked the trend, adding 19 cents to A$25.85.
Shares in Southern Cross broadcasting lifted 44 cents, or 2.75 per cent, to A$16.44 before they were placed in a trading halt.
Analysts predicted a carve up of Southern Cross' assets between Fairfax Media and Macquarie Media Group, which also went into a trading halt today.
Before the halt was called, Fairfax shares lost two cents to A$4.68 and Macquarie Media rose nine cents to A$4.94.
Elsewhere in the media sector, News Corp fell 20 cents to A$26.95, its non-voting scrip fell 25 cents to A$24.84, Publishing and Broadcasting fell four cents to A$19.56 and Seven Network fell 25 cents to A$11.30.
Ten Network rose three cents to A$2.74.
Woodside Petroleum fell five cents to A$45.70 despite a rising oil price and Newcrest Mining gained 13 cents as the spot price of gold reached USA$648.90, up 65 US cents on Friday's close.
Telstra was steady at A$4.59 and Qantas fell seven cents to A$5.53.
The most traded stock by volume was Multiplex Group, with 124 million shares worth A$624.5 million changing hands.
The developer's shares rose one cent to A$4.93.
Preliminary market turnover was 1.78 billion shares worth A$6.47 billion with 658 stocks rising, 670 falling and 284 unchanged.
- AAP