Aussie stocks closed the session slightly higher today, recovering from earlier losses with gains in the major banks, helping to boost the market
The S&P/ASX 200 Index is up 14 points to finish at 4,370 and down 60 points on the week. And on the futures market, the SPI200 is up 6 points.
Looking to the US and on Wall Street, the Dow Jones industrial index closed 228 points down for the four trading days this week. The S&P500 Index is down 24 points, the NASDAQ is down 61 points and the 100 index is down 57.
To company news around this afternoon: Paladin Energy Ltd (ASX:PDN) has posted a net loss of US$52.9 million, improving from an even greater loss of US$480.2 million the year before. The uranium producer says the improvement was due to increased uranium output. Uranium oxide production increased 60 per cent in the 2010 fiscal year to 4.32 million pounds. Shares in Paladin Energy are 0.54% down at $3.71.
Engineering company UGL Ltd (ASX:UGL) has finalised a $500 million public-private partnership with Singapore Sports Council. The 25 year contract is to maintain a sporting, entertainment and lifestyle hub called, Singapore Sports Hub, for which UGL will provide management services. UGL advises it has been awarded over $1 billion in new maintenance services contracts since 30 June 2010. Shares in UGL are 1.98% down at $14.37
Wealth manager IOOF Holdings Ltd (ASX:IFL) has posted an annual net profit of $68.4 million, up from the $13.8 million a year ago and aided by strong equity markets and a rise in fund inflows.
Junior gold producer Troy Resources NL (ASX:TRY) has fallen from a profit in fiscal 2009 to record a loss of $6.7 million for the year to 30 June, but says it expects production to more than double in the next year. Fairfax Media Ltd (ASX:FXJ) has returned to profitability - reporting a jump in net profit to $282.15 million, up around 174 per cent from a loss the year before, on the back of second half growth and lower costs.
Intoll Group (ASX:ITO) has rebounded from a loss in 2009 to post a profit of $1.55 billion for the year to 30 June, and, backed a $3.4 billion takeover offer from Canada Pension Plan Investment Board to acquire all of Intoll.
In the best and worst performers: Most sectors closed in the black today, the best performing sector was the Consumer Staples, with the index up 84 points at 7,860. The worst performing sector was the Telco’s sector with the index down 1 point at 951.
The best performing stock in the S&P/ ASX200 was Lynas Corporation shares were 8.99% up at $0.97. Shares in Elders and Cudeco also closed higher. The worst performing stock was Ten Network Holdings, shares closed 6.44% lower at $1.38 Shares in Perseus Mining and Carnarvon Petroleum also closed weaker today.
The Australian Dollar is trading at 88.69 US cents, less than a cent down on the week. In commodities, gold is trading at $1237 US an ounce and is up $9.69 on the week. Light crude is down $0.01 at $73.35 US a barrel.
