Aussie shares rose throughout the day to close almost half a per cent higher, climbing on the back of strong overseas leads, with Westpac’s bumper annual profit extending the gains.
The S&P/ASX 200 Index is 21 points higher to finish at 4,723. On the futures market, the SPI200 is up 24 point. In economic news: The Australian Bureau of Statistics showed building approvals declined more than expected in the year to September, representing the lowest read since May last year. In the period permits for home construction fell 11.6 per cent, compared to a 4.2 per cent rise in August.
To company news: CFS Retail Property Trust (ASX:CFX) has confirmed that it has secured three Direct Factory Outlet centres, otherwise known as DFO’s, and expects to acquire half of Melbourne’s South Wharf DFO by the end of the month. CFS Retail's manager has advised that the South Wharf DFO acquisition is reliant on the DFO's co-owner The Plenary Group, securing finance. In the event that CFS cannot acquire South Wharf, it says it will use the capital raised to retire debt or concentrate on future projects. Shares in CFS Retail Property Trust fell 0.82% to close at $1.825.
Downer EDI Ltd’s (ASX:DOW) new CEO Grant Fenn says it has been a difficult year for the engineering group, and describing the $3 million net profit reported in fiscal 2010 as unsatisfactory. Speaking at Downer’s AGM, Mr Fenn says his challenge will be to restore shareholder and market confidence in Downer, and has confirmed its current financial year guidance is for a 5 per cent lift in earnings before interest and tax. Soon to retire chairman Peter Jollie also spoke, apologising for Downer’s disappointing result and asking shareholders to support the proposed changes to the pay executives will receive in the future. Shares in Downer EDI dropped 2.32% to close at $5.05.
Bendigo and Adelaide Bank Ltd (ASX:BEN) chairman Robert Johanson has voiced the need for an additional parliamentary enquiry to tackle the banking system's dependence on overseas funding, and says he hopes the latest Senate enquiry into banking competition will not just be a whinge session.
Rare earths explorer Arafura Resources Ltd (ASX:ARU) has confirmed that its $90 million capital raising remains on track, despite media reports that Arafura says have incorrectly interpreted information provided by the company.
Westpac Banking Corporation (ASX:WBC) has booked an 84.2 per cent jump in full year net profit, to $6.35 billion. Cash profit also advanced for Australia's third largest bank, up 26 per cent to a record $5.55 billion.
Westfield Group (ASX:WDC) has confirmed that it will restructure to create a new entity called Westfield Retail Trust, effectively distributing $7.3 billion to its security holders.
In the best and worst performers: The best performing sector at close was Health Care with the index rising 92 points to 8,258. The worst performing sector was Telco Services with the index dropping 2 points to 919. The best performing stock in the S&P/ ASX200 was Medusa Mining shares were 5.57% firmer at $5.69. Shares in Beach Energy and Virgin Blue Holdings also closed stronger. The worst performing stock was Cudeco with shares sliding 3.45% to close at $2.52. Shares in Charter Hall Group and Downer EDI closed weaker today.
In commodities: Gold is trading at $1355 US an ounce. Light crude is up $0.30 at $84.20 US a barrel.
