The Australian share market closed flat today after a late profit upgrade from the Commonwealth Bank helped to boost financial stocks and offset falls in other sectors.
In late news just announced the Commonwealth Bank of Australia (ASX:CBA) says it expects to report cash net profit after tax of $2.9 billion for the half year on a decline on impairment expenses. The earnings upgrade is significantly higher than the same period last year and above analyst’s expectations.
The S&P/ASX 200 Index finished 2 points higher at 4,900 and is down 79 points on the week while on the futures market, the SPI200’s down 9.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index rose 92 points on the four trading days this week. The S&P500 Index added 3, the NASDAQ is down just under a point and the 100 index is down 6 points.
To company news around this afternoon: Australia’s leading integrated energy company, Origin Energy Ltd (ASX:ORG) and Micron Energy Inc have formed a 50/50 joint venture to develop photo voltaic technology. Micron is a US listed company and one of the world’s leading providers of advanced semiconductor solutions. Origin’s Executive General Manager, Mr Andrew Stock says the short term objective is to combine Origin’s achievements in solar development with the capabilities of Micron and to examine opportunities for commercialisation. Shares in Origin Energy Ltd closed 0.17% lower at $17.31.
And according to the Sydney Morning Herald, Telstra Corporation Ltd’s (ASX:TLS) retail prices are under review following a request from the Federal Government. Communications Minister Stephen Conroy made the request, which will apparently investigate whether Telstra’s price control arrangements have been altered. The commission says the review is now seeking submissions from the public and other stakeholders and is expected to be finalised by the 12th March. Telstra shares closed 0.6% lower at $3.33.
Also making news: Australian outsourcing and facility service company, Spotless Group Limited (ASX:SPT) will become a dual listed issuer on the New Zealand Stock Exchange. The announcement comes after Spotless acquired a 34% stake in Taylor’s Group Limited. The listing will take place as of the 18th January 2010.
And Bow Energy Ltd (ASX:BOW) will commence its 2010 coal seam gas exploration next week, along with the appraisal and production drilling programs of up to 52 wells. The exploration experienced a delay due to heavy rainfalls within its operational areas in QLD.
In the best and worst performers: The best performing sector at close was the Financials Excluding Real Estate Investment Trust index, which was up 38 points to 5648. The worst performing index was the Energy Index which closed 170 points lower at 16,055.
The best performing stock in the S&P/ ASX200 was Paperlinx and shares gained 7.63% to $0.635. Shares in Macmahon Holdings and OM Holdings also improved.
The worst performing stock was Karoon Gas Australia. Shares lost 6.25% to $7.50. Sundance Resources and Biota Holdings shares also closed lower today.
The Aussie dollar is currently buying 92.75 U.S cents and is up just under half a cent on the week. Gold is trading at $1138.70 U.S an ounce and is up $2.60 on the week.
Finally, oil is down $0.33 at $79.06 U.S a barrel.
