The local market managed to close slightly higher today helped by healthcare and financial stocks. Financials were boosted by the market liking Commonwealth Bank’s result.
The S&P/ASX 200 Index closed 11 points higher at 4,343 while on the futures market, the SPI200’s down 13.
To company news around this afternoon: BHP Billiton (ASX:BHP) has just reported profit that fell almost 62 per cent to $US5.877 billion for the year to June 30. The result was released minutes before the close. The mining giant managed a $US15.39 billion result the year before and this result was hit because of the decline in commodity prices. BHP shares finished the day 1.04% higher at $37.99.
Fortescue Metals (ASX:FMG) said today that it is in talks about financing to expand its iron ore operations but would not say whether the talks included China Investment Corp and speculation that it could sell convertible bonds worth about $US1 billion. Fortescue said such discussions on finance are confidential and incomplete. Fortescue Metals shares gained 3.33% to $4.35.
Also making news today: Bendigo and Adelaide Bank (ASX:BEN) has raised $177 million as part of its $300 million capital raising.
Western Areas (ASX:WSA) has decided to proceed with the development of its second mine, the Spotted Quoll project in Western Australia, and will double the capacity of its nickel concentrator.
Global ratings agency FitchRatings downgraded the credit rating of National Australia Bank's (ASX:NAB) UK subsidiary, Clydesdale Bank and has affirmed the long-term credit rating of QBE Insurance Group because of its continued strong operating performance.
Taking a look at some of the stories covered in our earlier reports: Commonwealth Bank of Australia (ASX:CBA) reported a one per cent decline in net profit to $4.723 billion for the year to June 30 as impairment charges increased. Chief executive Ralph Norris said the year had been challenging and the outlook remained uncertain.
Stockland Group (ASX:SGP) posted a $1.803 billion net loss for the year as its asset values were hit.
Now to the best and worst performers: The best performing sector at close was the Healthcare index, up 79 points to 8,210; while the worst performing sector at close was the Utilities index; down 30 points to 3,990.
The best performing stock in the S&P/ ASX200 was Valad Property as shares gained 14.29% to $0.12. Shares in Flight Centre and Emeco Holdings also closed higher.
The worst performing stock was Murchison Metals with shares falling 5.63 per cent to $2.01. Shares in Hills Industries and Minara Resources also closed lower.
In commodities, gold is trading at $US945 an ounce and light crude is down 12 cents at $US69.33 a barrel.
