The Australian share market closed higher today, up over half a percent on the back of solid earnings from Wesfarmers and gains in the banks and miners, despite weakness in Harvey Norman and QBE Insurance Group.
The S&P/ASX200 index is up 28 points at 4,486 and on the futures market, the SPI200 is up 39.
To company news around this afternoon: Harvey Norman Holdings Ltd (ASX:HVN) has reported flat sales, with 0.8% growth for the 2010 financial year. The retailer posted annual earnings of $6.08 billion for the 12 months to June, compared with $6.03 billion for the previous year. Franchised complexes, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland, recorded 0.2% growth for like to like sales over the year. arvey Norman says that the sales data had been negatively affected by deterioration in foreign currencies. Shares in Harvey Norman Holdings closed 3.01% down at $3.54
QBE Insurance Group Ltd (ASX:QBE) says it expects a 40% drop in net profit after tax for the six months to June. The insurer bases its guidance on a lack of one-off gains and equity losses. QBE has also announced that it will now report in US currency, given that the company operates 75% of their business in 48 countries, and US dollars account for over half of its premium income. Shares in QBE Insurance Group closed 5.56% down at $16.97.
Also making news: Leighton Holdings Ltd (ASX:LEI) wholly owned subsidiary Leighton Asia, has been awarded a $172 million five year mining contract in Indonesia.
Airport owner Australian Infrastructure Fund Ltd (ASX:AIX) has reported passenger growth of 9.1% for the June quarter and a 7.4% increase for the 2010 financial year, compared to the previous corresponding periods.
Wesfarmers Ltd (ASX:WES) says its retail sales performance for the year has been solid, with Coles recording 4.3% growth at $29.8 billion for fiscal 2010.
Roc Oil Company Ltd (ASX:ROC) says it is on target to meet its 2010 production guidance, despite a 5% drop in production for the June quarter.
In the best and worst performers: The best performing index at close was the Consumer Staples up 84 points at 7,451. The worst performing index at close was the Utilities sector, down 24 points at 4,203.
The best performing stock in the S&P/ ASX200 was Lynas Corp, shares rose 9.09% to $0.78. Shares in Canarvron Petroleum and Kagara also closed higher.
The worst performing stock was QBE Insurance Group, shares fell 5.56% to close at $16.97. Shares in Energy World Corp and Harvey Norman Holdings also closed weaker today.
In commodities, gold is trading at $1,193.05 U.S an ounce, and light crude is up $0.21 at $79.19 US a barrel.
