Aussie stocks have closed deep in the red today following a weak lead from the US overnight and after news this afternoon that three of the four independents and the green MP have indicated they will back Labor’s controversial mining tax, increasing the likelihood that Labor will form government.
The S&P/ASX 200 Index is down 61 points to finish at 4,320. And on the futures market, the SPI200 is down 68 points.
And in breaking news this afternoon, mining giant BHP Billiton Ltd (ASX:BHP) says profit jumped over 100 per cent to US$12.722 billion for the year to June 30, 2010. The miner says it achieved record sales volumes in iron ore, coal and petroleum.
To company news around this afternoon: Airport owner MAp Group Ltd (ASX:MAP) has returned to profit, posting earnings of $19.7 million for the six months to June 30, 2010. This compares to a loss of $299.4 million for the same period last year. Revenue rose 5.4 per cent to $481 million, MAp declaring an interim dividend of 11 cents per stapled security and guidance for a full year dividend of 21 cents. The company says in the near term traffic outlook is strong. Shares in MAp Group closed 3.85% higher at $2.97.
Waste management company Transpacific Industries Group Ltd (ASX:TPI) has booked a $59 million profit for fiscal 2010 after posting a loss of $237.4 million in fiscal 2009. Revenue dropped 6 per cent to $2.071 billion compared to $2.199 billion the year before. Transpacific did not declare a final dividend for the fiscal 2010 year, consistent with the company’s focus on applying free cash flows to further reduce debt. Looking ahead the company says the market environment is showing signs of recovery. Shares in Transpacific Industries closed 0.45% weaker at $1.095.
Also making news, The Commonwealth Bank of Australia Ltd (ASX:CBA) has opened its first branch in Mumbai in a move to create a commercial banking business in India.
Mining services group Ausdrill Ltd (ASX:ASL) has reported a 16 per cent jump in profit to $48.3 million for the year to June 30, with revenue up 24.3 per cent to $632.86 million.
Asciano Group (ASX:AIO) has reported a net loss of $976 million for the 12 months to 30 June, dragged lower by impairment charges of $1.14 billion.
And Seven Group Holdings Ltd (ASX:SVW) has reported a net profit of $719 million for the twelve months to 30 June.
In the best and worst performers: Majority of sectors closed in the red today, the only sector to close in positive territory was the Health Care sector with the index up 3 points at 7,929. The worst performing sector was the Energy sector with the index down 352 points at 14,488.
The best performing stock in the S&P/ ASX200 was Pacific Brands shares rose 12.43% to $0.995. The company today posted a $52.7 million full year profit after a loss the year before. Shares in Cudeco and Emeco Holdings also closed higher.
The worst performing stock was Carnarvon Petroleum, shares closed 9.46% lower at $0.335. Shares in WorleyParsons and Macarthur Coal also closed weaker today.
In commodities, gold is trading at $1,233 US an ounce. Light crude is up $0.19 at $71.82 US a barrel.
