Aussie shares rallied today, supported by gains in companies geared to global growth like top miners BHP and Rio Tinto as optimism for the global economic outlook strengthened.
The S&P/ASX 200 Index closed 136 points higher at 4,426 while on the futures market, the SPI200’s up 168.
In economic news: The ABS reports that sales of new motor vehicles fell 6.9 per cent in July from the month before. Data shows that 75,006 vehicles were sold in July, down from 80,559 in June.
To company news around this afternoon: Property investor ING Office Fund (ASX:IOF) has reported a net loss of $746.2 million for the year, down from a profit of $246.6 million the year before. Net operating income came to $146.9 million, up from $135.5 million the year before. The company says it is mindful that the year ahead is likely to see continued downward pressure on valuations and rental levels, with increases in vacancy rates across all office markets. ING Office Fund forecast distributions to be 3.9 cents a unit for the 2010 financial year, subject to prevailing market conditions and in line with guidance given in June 2009. ING Office Fund shares closed 10 per cent higher at $0.495.
Agribusiness AWB Ltd (ASX:AWB) says it plans to wind down its operations in Brazil, and that some losses and costs would be incurred as a result. The company estimates that a provision in the range of $80 million to $95 million will be required against AWB Brazil as at September 30 2009. As a result of the winding down of AWB Brazil the company says $43 million of deferred tax assets relating to tax losses currently recognised on AWB Brazil’s balance sheet will also be written off in fiscal 2009. AWB forecasts a net loss of between $156 million and $120 million for its fiscal 2009 year. AWB shares closed 3.18 per cent stronger at $1.46.
Also making news today: Prime Media Group Ltd (ASX:PRT) has reported a net loss of $44.4 million for the year to June 30 after a $14.5 million profit the year before. Prime says the network is now well positioned to deliver improved earnings performance in future periods through operating efficiencies and exposure to Queensland growth markets.
Online wagering products provider Centrebet International Ltd (ASX:CIL) says net profit for the year to June 30 fell 36 per cent to $8.3 million.The company says it expects strong growth for the full year ending June 30 2010.
Media company Fairfax Media Ltd (ASX:FXJ) has reported a $380 million loss for the year, due to a slump in advertising revenues.
And Commercial radio broadcaster Austereo Group Ltd (ASX:AEO) has posted a 15.2 per cent fall in full year profit this morning and says it expects a tough year ahead.
Now to the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 42 points to 822; while the worst performing sector at close was the Telco Services index; down 25 points to 1,167.
The best performing stock in the S&P/ ASX200 was ING Industrial Fund shares rose 14.29 per cent to 40 cents. Shares in Valad Property and Lynas Corp also closed higher.
The worst performing stock was Emeco Holdings with shares falling 7.69 per cent to $0.66. Shares in Iress Market Technology and WorleyParsons also closed lower.
In commodities, gold is trading at $954.30 U.S an ounce and light crude is up 19 cents at $74.08 U.S a barrel.
