The Australian share market closed lower by over one per cent, lingering uncertainty on the Federal election result continued to weigh on investors as well as mixed earnings results out today.
The S&P/ASX 200 Index is down 48 points to finish at 4,381. And on the futures market, the SPI200 is down 43 points.
To company news around this afternoon: Oil Search Ltd (ASX:OSH) says a 49 per cent increase in half year profit was driven by higher oil prices and increased volumes. The energy producer posted a net profit rise to US$53 million, compared to US$35.6 million, while revenue was up 49 per cent to US$277 million for the six months to 30 June. During the period Oil Search realised an average price of US$76.31 oil per barrel, up from US$51.84 from the same period last year. Shares in Oil Search closed 1.36 per cent down at $5.79.
GPT Group (ASX:GPT) has recorded a turnaround net profit of $145 million for the first half of the year, compared with a loss of $1.2 billion in 2009. Realised operating income rose to over $205 million, the property trust attributing the impact of non-cash items for the difference between the two results. GPT has increased its guidance for the year ahead, and says having moved through a stabilisation phase the group remains focused on Australia, with its core portfolio representing over 90 per cent of investments. Shares in GPT Group closed 3.78 per cent up at $3.02.
It has been a big day for profit results, among those reporting:
Coal Miner Macarthur Coal Ltd (ASX:MCC) has reported a net profit of $125 million for the 12 months to 30 June, a result at the top end of its market guidance, though 26 per cent lower than last year.
Property developer Mirvac Group (ASX:MGR) has posted an annual profit turnaround, moving from a loss of over $1 billion in 2009 to achieve a net profit of $237 million for the year to 30 June, and has forecast growth ahead.
Whitehaven Coal Ltd (ASX:WHC) has recorded drop in net profit 53 per cent to $115 million for fiscal 2010, lower coal prices significantly affecting the miners revenue.
Macquarie Radio Network Ltd (ASX:MRN) has delivered a record net profit of just over $6 million for the year to 30 June, compared with a profit of just over $200,000 the year before.
Online jobs portal SEEK Ltd (ASX:SEK) has reported an annual net profit of $89.5 million, up 62 per cent from the year before and above market expectations.
Amid takeover speculation, Foster’s Group Ltd (ASX:FGL) has posted a net loss of $464 million for twelve months to 30 June, falling from a profit of over $400 million last year.
In the best and worst performers: The best performing sector at close was the Telco Services sector with the index up 8 points at 964. The worst performing sector was the Consumer Staples sector with the index down 168 points at 7,708.
The best performing stock in the S&P/ ASX200 was Cudeco shares rose 30.21% to $2.22. Shares in Caltex Australia and GPT Group also closed higher. The worst performing stock was AWE, shares closed 8.23% lower at $1.505. Shares in iSoft Group and Linc Energy also closed weaker today.
In commodities, gold is trading at $1220 US an ounce. Light crude is down $0.60 at $72.50 US a barrel.
