The Australian stock market closed flat today, recovering throughout the day after hitting a low of 4,454 points, with positive annual profit announcements helping to lift stocks higher.
The S&P/ASX 200 Index is up 4 points to finish at 4,479. And on the futures market, the SPI200 is down 11 points.
In economic news : The ABS has reported that the average weekly ordinary time earnings (AWOTE) for adult full-time employees increased 0.8 per cent in the three months to May to reach an annual rate of 5.2 per cent, seasonally adjusted.
To company news: Downer EDI (ASX:DOW) has delivered an annual net profit in line with guidance at $3 million as advised due to the $190 million in cost blow-outs and $70 million of other write-downs. Chairman, Peter Jollie has also announced that he will not seek re-election at the company’s next annual general meeting, with current deputy chairman Mike Harding to step up to the position. An unfranked dividend of 16 cents per share has been declared. Downer says it has a record of work-in-hand worth more than $20 billion, and looking ahead expects around 5 per cent improvement in earnings before interest and tax in fiscal 2011. Shares in Downer EDI closed 6.77% down at $4.41.
Pallet supplier Brambles Ltd (ASX:BXB) has posted a 1 per cent drop in full year net profit on a constant currency basis to US$444 million. A final dividend of 12.5 cents has been declared, 20 per cent franked. CEO Tom Gorman says the company is in robust shape and well-placed to build on its global footprint, advising the company expects operating profit before interest costs and tax to be between US$740 million and US $780 million in fiscal 2011. Shares in Brambles closed 3.96% up at $5.51.
Funerals provider InvoCare Ltd (ASX:IVC) has posted a 16 per cent increase in net profit to $16.6 million for the six months to 30 June, and says the average price per funeral increased, offsetting a drop in deaths in its market.
Challenger Infrastructure Fund (ASX:CIF) has reported a significant full year net loss to $211 million, down 51 per cent further from the $140 million loss reported in 2009, though says it has identified significant growth opportunities for the future.
Blackmores Ltd (ASX:BKL) has released its annual report, announcing 17 per cent growth in full year profit to $24.3 million and record sales results. The herbal supplements company says it is well placed for growth with new products and its expansion into Asia.
Sedgman Ltd (ASX:SDM) has it has achieved substantial full year growth of $25 million, up 252 per cent from last year when the resources engineer was affected by a $20 million goodwill write down. Sedgman also says it has a record order book of $706 million.
QBE Insurance Group Ltd (ASX:QBE) says it has recorded a 39 per cent fall in profit to US$440 million for the first half of the year, amid a period of economic upheaval.
ASX Ltd (ASX:ASX) has announced a $333 million annual net profit, up 6.1 per cent from the year before and in line with expectations.
In the best and worst performers: The best performing sector at close was the Telco Services sector with the index up 20 points at 1,033. The worst performing sector was the Financials Excluding Real Estate Investment Trusts sector with the index down 20 points at 4,969.
The best performing stock in the S&P/ ASX200 was Elders shares rose 15.32% to $0.715. Shares in Gunns and Caltex Australia also closed higher. The worst performing stock was Downer EDI, shares as mentioned before. Shares in Cudeco and Paperlinx also closed weaker today.
In commodities, gold is trading at $1229 U.S an ounce, and light crude is up $0.07 at $75.49 U.S a barrel.
