The local share market has closed the session higher today with shares rising in response to data showing the US economy grew in the third quarter, however the benchmark index has recorded its first monthly drop in eight months, with the S&P/ASX200 falling 2.1 per cent in October.
Today the S&P/ASX 200 Index closed 69 points higher at 4,643 and is sown 216 points on week. On the futures, the SPI200’s up 63 points.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index down 10 points on the four trading days this week. The S&P500 Index dropped 13, the NASDAQ declined 57 points and the 100 index lost 42 points.
To company news around this afternoon: Origin Energy Ltd (ASX:ORG) has reaffirmed it expects the company’s underlying profit for the 2010 financial year to be around 15 per cent higher than last financial year. Origin Energy reported a profit of $530 million for fiscal 2009. Chairman Kevin McCann says is in a very strong financial position with access to $4.4 billion of cash and undrawn committed debt facilities as at September 30. Mr McCann also says that in the first quarter, operating conditions and business performance in Australia has been broadly in line with expectations. Shares in Origin Energy closed 2.55 per cent higher at $16.07.
Pipeline systems manufacturer Crane Group Ltd (ASX:CRG) says based on its first quarter trading and the expectation of difficult market conditions, full year profit after tax before significant items is expected to be approximately 30 per cent below last year. Managing director Greg Sedgwick told shareholders at the company’s annual general meeting that the impact on trading will be most pronounced in the first half compared with the strong performance last year prior to the economic downturn, with profit after tax expected to be down around 50 per cent. Mr Sedgwick says cash flow for the full year is forecast to be strongly positive, with gearing at June 30 2010 expected to reduce to 23 per cent. Crane Group shares closed 12.23 per cent weaker at $9.04.
Also making news today: Wesfarmers (ASX:WES), owner of the Coles supermarket chain, has appointed former Western Australia premier Alan Carpenter as executive general manager of corporate affairs.
And Gindalbie Metals Ltd (ASX:GBG) says the Federal Government has given Commonwealth environmental approval for the development of the Karara Iron Ore Project in Western Australia to proceed.
And now taking a look back at some of the stories that made headlines this week: CSR Ltd (ASX:CSR) announced a $375 million capital raising to fund the demerger of its sugar and renewable energy businesses, NAB Ltd (ASX:NAB) posted a 43 per cent drop in full year profit due to a rise in bad and doubtful debts, following this ANZ Ltd (ASX:ANZ) also posted a fall in full year earnings of 11 per cent, with cash earnings up 12 per cent, and the float of retail giant Myer has settled at a final price of $4.10 a share at the bottom end of its prospectus range.
Now to the best and worst performers: The best performing sector at close today was the Real Estate Investment Trust index, up 31 points to 872; while the only sector to close in the red today was the Health Care index; down 81 points to 8,386.
The best performing stock in the S&P/ASX200 was Goodman Group shares climbed 10.71 per cent to $0.62. Shares in Macquarie Office Trust and ING Office Fund also closed higher.
The worst performing stock was Crane Group its price as mentioned before. Shares in Macquarie Media Group and Goodman Fielder also closed lower today.
The Aussie dollar is currently buying 91.65 U.S cents and is down just over half cent on the week. Gold is trading at $1048.85 U.S an ounce and is down $5.60 on the week.
Finally, oil is up 26 cents at $80.13 U.S a barrel.
