The local share market has closed the session higher thanks to some upbeat outlooks from companies including retailer Harvey Norman. Gains in the major banks and top miners also helped to support the market.
The S&P/ASX 200 Index closed 39 points higher at 4,490 and is up 199 points on week. On the futures, the SPI200’s up 33.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 75 points on the four trading days this week. The S&P500 Index gained 5, the NASDAQ added 7 points and the 100 index rose 3 points.
To company news around this afternoon: Electronic goods retailer Harvey Norman Holdings Ltd (ASX:HVN) full year net profit has fallen 40 per cent to $214.4 million, down from $358.45 million in fiscal 2008. Revenue rose to $5.06 billion from $4.86 billion the year before. Chairman Gerry Harvey says the consolidated entity’s integrated retail, franchise and property system has proven to be resilient in achieving strong results, particularly in the second half of fiscal 2009. Mr Harvey says the company is dominant in the technology, white goods, furniture and bedding space. The company says gross written sales for the period between July 1 2009 and August 27 2009 increased 7.3 per cent compared to the same period a year ago, exceeding expectations. Same store sales rose 5.7 per cent. Harvey Norman shares closed 16.88 per cent higher at $3.74.
Property company Goodman Group (ASX:GMG) has reported a net loss of $1.12 billion in fiscal 2009, down from a profit of $250.7 million in fiscal 2008. The loss was a result of property and equity investment revaluations of $1.16 billion, $280 million of primarily derivative mark to market movements and other non-operating items. CEO Greg Goodman says early signs are emerging that market conditions are beginning to stabilise. Goodman estimates operating profit after tax of $310 million and operating earnings per share of 5.7 cents for the 2010 financial year. Shares in Goodman Group closed 6.25 per cent stronger at 59.5 cents.
Also making news today: Wood chipper Gunns Ltd (ASX:GNS) placed its shares in a trading halt today, saying it is having discussions with a party concerning a possible acquisition and may conclude negotiations shortly. Gunns proposes to release its results for the year to June 30 2009 at the same time as the announcement concerning the acquisition.
And engineering and infrastructure management services company Downer EDI Ltd (ASX:DOW) has signed an agreement to acquire Western Construction Company. Downer says the company provides specialised mechanical fabrication, construction, and mechanical maintenance services to the oil and gas and resources sectors.
Now to the best and worst performers: The best performing sector at close was the Energy index, up 350 points to 16,450; while the worst performing sector at close was the Real Estate Investment Trust index; down 2 points to 869.
The best performing stock in the S&P/ASX200 was Harvey Norman price as mentioned before. Shares in FKP Property Group and AJ Lucas Group also closed higher.
The worst performing stock was Babcock & Brown Infrastructure Group with shares falling 12.22 per cent to 7.9 cents. Shares in Hastie Group and Nufarm also closed lower today.
The Aussie dollar is currently buying 83.99 U.S cents and is half a cent up on the week. Gold is trading at $950.40 U.S an ounce and is down $2.75 on the week.
Finally, oil is up 19 cents at $72.68 U.S a barrel.
