The local share market has closed the session higher today, led by gains in the financial stocks, buoyed by Westpac’s 33% rise in earnings.
The S&P/ASX 200 Index finished 17 points lower at 4,546 while on the futures market, the SPI200 is down 7 points.
In economic news: The Australian Chamber of Commerce and Industry’s (ACCI) survey of small business conditions rose to its highest levels in two years. The index rose to 54 points in the December quarter, three points above its five-year average of 50.7.
To company news around this afternoon: Engineering construction services provider Monadelphous Ltd (ASX:MND) has announced record first half earnings of $40.5 million and says it plans to expand its capacity amid strong activity in its core markets. Both the company’s profit and sales revenue were up 10% on the same period a year ago, thanks in part to winning $450 million in new contracts. The company declared a fully franked interim dividend of 35 cents a share, a 16.7% improvement on the corresponding period in 2008. Shares in Monadelphous Ltd closed 0.72% stronger at $37.56.
Home fittings supplier GWA International Ltd (ASX:GWT) says it expects sales to continue to fall after posting a lower earnings result of $25.5 million for the first half of fiscal 2010. The company reported a 4% slip in profit for the six months to December 31, 2009, although revenue increased 9% to $343.7 million compared to the same period a year before. However, the result included a $3.4 million loss booked on the sale of the company’s Rover mower business. GWA has declared a fully franked interim dividend of 9.5 cents, in line with the previous corresponding period. Shares in GWA closed 0.45% higher at $4.51.
Also making news: Health IT provider Isoft Group Ltd (ASX:ISF) has reported a 27% drop in first half profit to $4.8 million, below market expectations.
And paint maker Wattyl Ltd (ASX:WYL) has posted a first half profit of $2.4 million, reversing a loss for the same period a year earlier.
The company says it expects full year earnings before interest and tax of between $12 and $13 million, based on forecasts for improving housing starts.
Taking a look at some of the stories covered in our earlier reports: Foster’s Group Ltd (ASX:FGL) has posted a 13.5% fall in first half net profit but expects to continue to see benefits from its corporate restructure in the second half.
And, Westpac Banking Corporation Ltd (ASX:WBC) says earnings for the first quarter came to $1.6 billion.
In the best and worst performers: The best performing sector at close was the Financials excluding the Real Estate Investment Trust index, up 96 points at 8,437. At the other end, the worst performing sector at close was the Telco index; which fell 15 points at 851.
The best performing stock in the S&P/ ASX200 was Monadelphous, shares as mentioned before. Shares in Seek and Westpac also improved.
The worst performing stock was Primary Health Care, shares fell 6.9% to $0.27. Isoft and Prime Infrastructure shares also closed lower today.
In commodities, gold is trading at $1,093.80 U.S an ounce and light crude is up a cent at $74.14 U.S a barrel.
