The Australian share market closed 0.8 per cent higher today, shrugging off weak overseas leads to advance on ANZ Ltd's
(ASX:ANZ) record annual profit.
The S&P/ASX 200 Index is 37 points higher to finish at 4,685. On the futures market, the SPI200 is up 38 points.
To company news: Harvey Norman Holdings Ltd (ASX:HVN) says its September quarter like-for-like global sales have fallen 0.6 per cent compared to the same time last year. The electrical retailer was negatively impacted by depreciation in the New Zealand dollar and the deterioration in the euro and British pound against a strong Aussie dollar. In its unaudited preliminary accounts Harvey Norman says net profit before tax fell over 30 per cent to $77.4 million, largely because of the $14 million start up losses from Clive Peeters and Rick Hart stores, a drop in unrealised gains in listed securities and deflation in audio/visual and computing equipment. Shares in Harvey Norman Holdings dropped 1.46% to close at $3.38.
Flight Centre Ltd (ASX:FLT) has announced it remains on track to achieve its full year target of a pre-tax profit of between $220 million to $240 million. Managing director Graham Turner says the travel agency group has started the new financial year with momentum, booking record profits in the September quarter. In the period Flight Centre says it has improved profit in each of its international businesses and says its UK business is the largest profit generator outside Australia, despite challenges in the local economy. Shares in Flight Centre fell 0.35% today to close at $22.78.
The Reject Shop Ltd (ASX:TRS) has today opened three new stores, boosting the discount chain stores to 203 as it works towards its target of opening 400 stores nationally.
Woolworths Ltd (ASX:WOW) and Qantas Airways Ltd (ASX:QAN) have joined forces to launch a joint credit card, allowing customers to take advantage of collecting frequent flyer points.
ANZ Banking Group (ASX:ANZ) has delivered a record annual cash profit of $5.13 billion in fiscal 2010 and boosted its final dividend to 74 cents per share.
Telstra Corporation Ltd (ASX:TLS) is gearing up to slash 950 jobs from executive and middle management as part of a corporate restructure.
In the best and worst performers: All sectors closed in the black today. The best performing sector at close was Real Estate Investment Trusts with the index up 19 points 869. The sector with the smallest gains was Industrials with the index closing 14 points higher to 3,777. The best performing stock in the S&P/ ASX200 was ING Industrial Fund shares were 15.22% higher at $0.53. Shares in Lynas Corporation and Sandfire Resources also closed higher. The worst performing stock was Panoramic Resources shares dropping 6.04% to $2.49. Shares in Paladin Energy and PanAust also closed weaker today.
In commodities, gold is trading at $1326 US an ounce. And light crude is down $0.01 at $81.93 US a barrel.
