The Australian share market closed flat today. Despite a positive offshore lead and an early rally stocks slid throughout the day, dragged lower by mining heavyweight BHP down 4.4% on its bid for Canadian Potash Corporation.
The S&P/ASX 200 Index is down 2 points to finish at 4,475. And on the futures market, the SPI200 is up 10 points.
In economic news: The Westpac-Melbourne Institute’s index of economic activity was steady in June, down a marginal 0.1%. And also, the ABS has reported total hourly rates of pay, excluding bonuses, increased 0.8% in the June quarter, seasonally adjusted.
To company news around this afternoon: APN News and Media Ltd (ASX:APN) has reported 11% growth in net profit to $40 million for the six months to 30 June, and says the Australian market is returning to pre-GFC levels. Revenue however fell 0.2% to $509 million though accelerated in the second quarter. Chief executive Brendan Hopkins says advertising recovery is well and truly underway and looking ahead APN sees encouraging trends for the coming months. Shares in APN News and Media closed 8.54% down at $1.875.
Carsales.com Ltd (ASX:CRZ) has posted 41% increase in net profit to $43.2 million for the twelve months to 30 June. The website operator has also reported total operating revenue for the period increased 28% to $123.1 million. Managing Director Greg Roebuck says the strong result is a result of systemic growth in car sales core automotive business. Shares in Carsales.com closed at 0.39% down at $5.13.
Also making news: Graeme Samuel, the chairman of the Australian Competition and Consumer Commission has announced that he will step down from the regulators deliberations concerning the proposed merger of National Australia Bank Ltd (ASX:NAB) and AXA Asia Pacific Holdings (ASX:AXA). Mr Samuel says he has made the decision to avoid any conflict of interest arising from current issues concerning his family’s investment in the DFO shopping centre chain funded by NAB.
And to company news: The Reject Shop Ltd (ASX:TRS) says it has achieved a 23% rise in net profit to $23.4 million for the year to 30 June, and says it anticipates normalised net profit will grow to $26 million in the following fiscal year.
Integrated forestry company Gunns Ltd (ASX:GNS) has announced a 49% drop in net profit for the 2010 financial year, falling to $28.5 million, attributing the result to difficult trading conditions and the collapse of the managed investment scheme.
Blood products maker CSL Ltd (ASX:CSL) has posted a full year net profit of $1.05 billion and announced a share buy-back plan for $900 million.
Oil and gas producer Woodside Petroleum Ltd (ASX:WPL) has reported a net profit after tax of US$901 million for the first half year, representing 40% growth from the same time last year.
In the best and worst performers: The best performing sector at close was the Real Estate Investment Trusts sector with the index up 13 points at 874. The worst performing sector was the Materials sector with the index down 218 points at 11,953.
The best performing stock in the S&P/ ASX200 was Elders shares rose 10.71% to $0.62. Shares in Lynas Corp and Transfield Services also closed higher. The worst performing stock was Cudeco, shares fell 48.85% to close at $2.45. Shares in Gunns and APN News and Media also closed weaker today.
In commodities, gold is trading at $1225 U.S an ounce, and light crude is down $0.20 at $75.57 U.S a barrel.
