The local share market has closed the session lower today, with declines in the banks weighing on the market following the release of NAB’s full year results.
The S&P/ASX 200 Index closed 68 points weaker at 4,685 while on the futures market, the SPI200’s down 73.
Looking at the day’s economic news: Figures released by the ABS today show a 1% rise in the consumer price index in the September quarter. On an annual basis, inflation rose 1.3 per cent, easing from 1.5 per cent in the second quarter.
To company news around this afternoon: Consolidated Media Holdings Ltd (ASX:CMJ) says the company is in a good position moving forward with no debt and investments in two of Australia’s best media assets. Chairman John Alexander says the company remains an excellent opportunity for shareholders to gain exposure to the high growth subscription television sector. ConsMedia has a 25 per cent stake in pay-tv provider Foxtel and a 50 per cent interest in Premier Media Group. Consolidated Media Holdings shares closed 0.33 per cent higher at $3.03.
Health insurer NIB Holdings Ltd (ASX:NHF) says it is still actively pursuing acquisition opportunities within the industry. Chairman Keith Lynch told shareholders at the company’s annual general meeting that the company is keen to retain sufficient capital strength to take advantage of any investment opportunities that may arise in the short to medium term. Mr Lynch says industry consolidation will continue in the short to medium term and nib remains committed to exploring merger and acquisition opportunities that increase shareholder value during this process. NIB Holdings shares closed 1.17 per cent stronger at $1.30.
Also making news: Oil Search Ltd (ASX:OSH) says the Papua New Guinea LNG project’s Environment Impact Statement has gained approval from the Government of Papua New Guinea's Department of Environment and Conservation.
Furniture retailer Fantastic Holdings Ltd (ASX:FAN) says it believes the outlook for retail in Australia is promising with the company reporting a four per cent increase in unaudited like for like delivered sales compared to the same period last year.
National Australia Bank Ltd (ASX:NAB) this morning posted a $2.6 billion profit for the full year, down 42.9 per cent on last year’s result, with cash earnings falling 1.9 per cent to $3.8 billion largely due to an increase in the charge for bad and doubtful debts.
And Top Telco Telstra Corporation Ltd (ASX:TLS) has today confirmed its financial guidance for fiscal 2010 and says it hopes to grow the company’s core business by improving customer service and taking advantage of recent technology upgrades.
In the best and worst performers: The best performing sector at the close was the Telecommunications index, up 18 points at 1,135. The worst performing was the Financials excluding Real Estate Investment Trust index; which lost 145 points to 5,621.
The best performing stock in the S&P/ ASX200 was PaperlinX and shares rose 4.72 per cent to $0.555. Shares in AWB and Sundance Resources also closed higher.
The worst performing stock was McMahon Holdings shares fell 8 per cent to $0.575. Bradken and Nexus Energy shares also closed lower today.
In commodities, gold is trading at $1,039 U.S an ounce and light crude is down 28 cents at $79.27 U.S a barrel.
