Australian stocks close generally flat. The improving outlook for the economy drove gains in the banks but advances were offset by declines in miners on lower metal and oil prices.
The S&P/ASX 200 Index closed 4 points weaker at 4,451 while on the futures market, the SPI200’s up 19.
In economic news, the ABS said that new private capital expenditure rose 3.3 percent in the June quarter, far exceeding expectations for a 5 percent decline.
To company news around this afternoon: Virgin Blue Holdings (ASX:VBA) reported a full year net loss of $160 million which was in line with its forecast but says it expects to break even this financial year. The result was impacted by a decline in demand for travel and its V Australia business. Chief executive Brett Godfrey said the operating environment over the past year was one of the toughest the company had yet experienced. Virgin Blue shares are steady at $0.35 today.
Toll Holdings (ASX:TOL) returned to profitability and posted a full year profit of $270 million and said revenue from continuing operations rose 16 percent to $6.49 billion. The logistics company also decreased its gearing levels in the year and said the outlook for acquisitions was good, particularly in the global forwarding sector. Toll Holdings shares closed 5.7% higher at $7.60.
Also making news today: GPT Group (ASX:GPT) posted a first half loss of $1.195 billion and said it is on track to meet full year guidance. The real estate trust also said Australian real estate is improving.
Country Road (ASX:CTY) posted a 60.4 percent increase in annual profit to $15.65 million. Revenue grew 18.5 per cent. The retailer also announced the resignation of its chief executive Ian Moir and said it has begun looking for a replacement.
Taking a look at some of the stories covered in our earlier reports: Woolworths (ASX:WOW) reported a 12.8 per cent rise in net profit for the 209 financial year to $1.84 billion, and forecast earnings growth of between 8 to 11 per cent for fiscal 2010.
Crown (ASX:CWN) reported a $1.2 billion loss for the year compared to a profit of $3.55 billion the year before because of write downs on the values of its North American investments by $1.44 billion.
Now to the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 10 points to 872; while the worst performing sector was the Materials index; down 139 points to 11,136.
The best performing stock in the S&P/ ASX200 was Sino Gold Mining after last night’s announcement that Canada’s Eldorado Gold is acquiring Sino Gold and shares jumped 12.23 to $6.70. Cabcharge shares improved as it reported that net profit rose 4 per cent to $61.38 million and shares in FKP Property gained as it reported a full year loss because of write downs that came in better than expected.
The worst performing stock was Babcock & Brown Infrastructure and shares fell 18.18 per cent to $0.09. Shares in Valad Property and Macarthur Coal also closed lower.
In commodities, gold is trading at $945.20U.S an ounce and light crude is down 38 cents at $71.05 U.S a barrel.
