The local share market has closed the session lower today, investors pulling back to mull over the US Federal Reserve’s decision to raise the discount rate, an emergency lending rate it charges banks. Despite the loss though the market advanced for the second week in a row.
The S&P/ASX 200 Index finished 20 points lower at 4,635 and is up 33 points on the week while on the futures market, the SPI200’s down 17.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 294 points on the four trading days this week. The S&P500 Index rose 31, the NASDAQ gained 58 points and the 100 index added 44 points.
To company news around this afternoon: Iron ore miner Fortescue Metals Group Ltd (ASX:FMG) has reported a 94% fall in first half profit to US$43 million, down from US$760 million for the first half of fiscal 2009. The result was despite a 17% rise in revenue to US$1.189 billion compared to US$1.015 billion the year before. Fortescue shipped 18.61 million tonnes of iron ore during the six months to December 31, 2009 up from 13.16 million tonnes recorded for the same period a year ago. Fortescue Metals Group shares closed 1.41% lower at $4.89.
Telco Hutchison Telecommunications (Australia) Ltd (ASX:HTA) has today posted a $467.7 million profit for 2009 thanks to a $587.3 million gain realised on its merger with Vodafone Australia. Not including this gain the company posted a loss of $119.6 million, an improvement of $43.5 million on 2008. The result includes five months of its former 3 business and seven months of an equity accounted result for Vodafone Hutchison Australia. Chairman Canning Fok says the company is pleased with Vodafone Hutchison Australia’s early progress on the merger and continuing customer growth. Hutchison Telecommunications shares closed flat at $0.12.
Also making news: Macquarie CountryWide Trust (ASX:MCW) says it earned $64.8 million for the six months to December 31, 2009 after a loss of $714.1 million for the year before and says it expects core earnings to be approximately 6.5 cents a share for the full year.
And Spotless Group Ltd (ASX:SPT) today reported a 41% jump in profit to $24.5 million for the half year to December 31, 2009 and says it expects second half earnings and revenue to exceed its first half result.
In the best and worst performers: The best performing sector at close was the Telco Services index, up 10 points at 1,083. At the other end, the worst performing sector at close was the Industrials index; which fell 36 points at 3,874.
The best performing stock in the S&P/ ASX200 was Macquarie Atlas, shares gained 10% to $0.825. Shares in Biota Holdings and Ansell also improved.
The worst performing stock was Boart Longyear, shares dropped 7.25% to $0.32.The company today posted a loss of US$15 million for 2009. Panoramic Resources and Mirabela Nickel shares also closed lower today.
The Aussie dollar is currently buying 89.09 U.S cents and is up under a cent on the week.
In commodities, gold is trading at $1,106 U.S an ounce, and is up $15.20 on the week.
Finally, oil is up 97 cents at $78.09 U.S a barrel.
