The Australian share market closed higher today, up almost 1%, on the back of positive comments from the RBA contained in its August minutes which suggest that rates will remain on hold.
The S&P/ASX 200 Index is up 39 points to finish at 4,477. And on the futures market, the SPI200 is up 33 points.
To company news around this afternoon: Stockland (ASX:SGP) has announced that it has acquired two residential land parcels in south-east Queensland for $48.7 million from a private operator. CEO of the residential business Mark Hunter says the acquisition will give Stockland further exposure to the state’s western corridor, substantially boosting its market share in the area. Mr Hunter advises Stockland is expecting this most recent acquisition to deliver a profit in early fiscal 2012, adding that it is the eighth residential land acquisition Stockland has made in the current financial year at a total cost of $429 million for the period. Shares in Stockland closed 0.26% higher at $3.88.
As a result of an improved economic outlook, Oz Minerals Ltd (ASX:OZL) says it will reverse a $201 million impairment, resulting in an increase of $141.1 million to the reported net profit after tax for half year accounts due on 25 August. The impairment was recognised in relation to property, plant and equipment at the Prominent Hill operation for the year ended 31 December 2008, during the GFC and the early stages of commissioning the Prominent Hill project. Oz Minerals says that improvement in the global economy and copper market in particular, as well as proven production at Prominent Hill have contributed to the increased market valuation of the property, as reflected in Oz Minerals share price and its strong financial position. Shares in Oz Minerals closed 3.32% higher at $1.245.
Also making news: In property news both Commonwealth Property Office Fund (ASX:CPA) and CFS Retail Property (ASX:CFS) trusts have returned to profit in the year to 30 June, recording profits of $114 million and $315 million respectively.
The MAC Services Group Ltd (ASX:MSL) has posted a 16% increase in net profit after tax to $27.5 million for the 12 months to 30 June, and also declared a fully franked final dividend of 4.75 cents a share, taking the full year payout to 9.25 cents.
OneSteel Ltd (ASX:OST) has posted 12% growth in annual net profit to $258 million for the 2010 financial year and says underlying net profit after tax was in line with market guidance at $241 million.
UGL Ltd (ASX:UGL) has achieved its ninth consecutive increase in full year net profit after tax, up 1% to $144.5 million for the year to 30 June, following record contributions from three of UGL’s four business units including infrastructure, resources and services.
In the best and worst performers: The best performing sector at close was the Industrials with the index up 75 points at 3,466. The sector with the smallest gain was the Energy sector with the index up 9 points at 14,932. The best performing stock in the S&P/ ASX200 was iSoft shares rose 18.18% to $0.195. Shares in Gunns and Energy World Corporation also closed higher. The worst performing stock was Sigma Pharmaceuticals, shares fell 7.69% to close at $0.48. Shares in Roc Oil Company and Sundance Resources also closed weaker today.
In commodities, gold is trading at $1225 U.S an ounce, and light crude is up $0.19 at $75.43 U.S a barrel.
