Australian stocks gained for the fourth session in a row today. The bank sector was one of the only sectors in the red and the property trust sector rallied on some upbeat trading updates.
The S&P/ASX 200 Index closed 23 points firmer at 4,757 while on the futures market, the SPI200’s up 34.
In economic news, the Australian Bureau of Statistics said that total personal finance commitments fell 1.8 per cent in September, while business finance rose 8 per cent and housing finance for owner occupied properties rose 6.7 per cent in the month.
And from earlier today, the Westpac/Melbourne Institute’s index of consumer sentiment dropped 2.5% to a read of 118.3 in November. The result was still 38.3% higher than a year ago.
To company news around this afternoon: Woolworths (ASX:WOW) has been given the green light to, along with U.S. joint venture partners Lowes, takeover hardware distributor Danks by the Australian Competition and Consumer Commission. However, the ACCC has put some conditions on Woolworths including not discriminating against Danks' independent retailers. Woolworths has agreed to allow Danks stores to exit the group and join other buying groups without financial penalty. Woolworths shares lost 1.02% at $28.14.
Qantas Airways (ASX:QAN) chief executive Alan Joyce said today the airline has no plans to float its frequent flyer programme, ending years of plans to do so. Qantas also said it is aiming to halve check-in times for customers next year using micro-chipped cards that will be also be a boarding pass. Qantas shares fell 1.07% today to $2.77.
Also making news: Computershare (ASX:CPU) sais at its annual general meeting today that it expects to report a higher 2010 profit and is preparing to buy competitors that are owned by private equity players that are looking to sell.
Commonwealth Bank of Australia’s (ASX:CBA) chief executive Ralph Norris said the bank is well placed to improve its financial performance and to strengthen its business franchise as it continues its conservative approach to funding and liquidity. The bank also said it is more optimistic about its exposure to bad debts.
Taking a look at some of the stories covered in our earlier reports: Singapore Telecommunications (ASX:SGT) posted an 8.9 per cent rise in first half net profit to $1.47 billion thanks to a strong performance from its Optus unit.
Gold miner St Barbara (ASX:SBM) says it is to undertake a 4 for 13 non-renounceable pro rata entitlement offer to raise up to $124 million at an offer price of 27 cents a share.
In the best and worst performers: The highest percentage gaining sector at the close was the Real Estate Investment Trust index, up 37 points at 906. While the worst performing was the Financial excluding the Real Estate Investment Trust index; which lost 15 points to 5,676.
The best performing stock in the S&P/ ASX200 was Lynas Corp and shares rose 11.58 per cent to $0.53. Shares in Mirvac and Dexus Property also gained.
The worst performing stock was Emeco Holdings as shares lost 4.44% to $0.86. Atlas Iron and Virgin Blue shares also closed lower today.
In commodities, gold is trading at $1,109.40 U.S an ounce and since this morning light crude is down 20 cents at $78.85 U.S a barrel.
