Australian stocks closed slightly lower today, dragged down by financials and the healthcare sector while energy shares rebounded today. The Reserve Bank said this afternoon that Australia’s strong banking system has helped cushion Australia from the worst of the global financial crisis.
The S&P/ASX 200 Index closed 8 points weaker at 4,374 while on the futures market, the SPI200’s down 22.
To company news around this afternoon: blood products maker CSL (ASX:CSL) reported a 63 percent gain in profit to $1.15 billion for the year to June 30. The result was boosted by deliveries of swine flu vaccinations. CSL also said it expects profit growth of 14 to 24% in the 2009/10 financial year. However, the market was a little disappointed and shares finished the session 1.31% lower at $33.12.
Shares in Boart Longyear (ASX:BLY) were the most actively traded on the market today after its $635 million share sale plan at a 39 per cent discount. Credit Suisse cut its target price for the drilling services company by 5 cents to 30 cents because of the bigger-than-expected dilution. Boart Longyear shares are down 8.45% to $0.325.
Also making news today: Macmahon Holdings (ASX:MAH) has reported a 65 per cent fall in annual net profit, but says more positive signs are emerging.
Perpetual reported full year profit that fell 71 per cent to $37.7 million for the 12 months to June 30 because of equity market falls.
Taking a look at some of the stories covered in our earlier reports: Qantas (ASX:QAN) reported an 88 per cent fall in full year net profit but shares gained on suggestions that passenger revenue was stabilizing.
Woodside Petroleum Ltd (ASX:WPL) has posted a 12 per cent drop in first half net profit to $898 million compared to just over $1 billion in the first half of 2008.
Now to the best and worst performers: The best performing sector at close was the Industrials index, up 55 points to 3,558; while the worst performing sector at close was the Health index; down 129 points to 8,468.
The best performing stock in the S&P/ ASX200 was NRW Holdings as shares gained 9.17% to $1.25. Shares in Iluka Resources and Lynas Corp shares also closed higher.
The worst performing stock was Boart Longyear. Shares in Emeco Holdings and Gunns also closed lower.
In commodities, gold is trading at $936.95 U.S an ounce and light crude is down 2 cents at $69.17 U.S a barrel.
