The Australian share market closed flat today. The Telco sector was the worst performer, after both Telstra and SingTel reported earnings. The miners closed steady, following a drop in metal prices over night, and ahead of Rio Tinto’s full year results. While the banks closed up with Commonwealth Bank of Australia
(ASX:CBA) extending yesterday’s gains.
The S&P/ASX200 Index closed 10 points up today at 4,914. On the futures market, the SPI is up 12 points.
Company news: Takeover target ING Industrial Fund (ASX:IIF) has narrowed its half year loss to $92 million in the six month to 31 December 2010, underpinned by demand for industrial space. The figure compares to a loss of $204 million in the prior corresponding half. The industrial trust recorded an operating profit of $54 million, up 88 per cent over the year before, on the back of lower debt levels and so, reduced finance costs. Shares in ING Industrial Fund closed steady at $0.53 per cent.
Telstra Corporation Ltd (ASX:TLS) has awarded a $350 million management contract to a joint venture between Leighton Holdings Ltd’s (ASX:LEI) Thiess Services and Siemens Ltd. The joint venture is called Silcar and, under the five year contract will provide asset management and maintenance to support Telstra’s telecommunications network. Silcar chairman Michael Wright says the contact will facilitate the value and sustainability of Telstra’s network facilities. Leighton Holdings slipped 0.06 per cent at close at $30.75.
Coal producer New Hope Corporation Ltd (ASX:NHC) has boosted its bid for Northern Energy Corporation Ltd(ASX:NEC) to $238 million, declaring the offer as best and final.
Australian Agricultural Company Ltd (ASX:AAC) has moved out of the red in fiscal 2010 to post a net profit of $904,000, rebounding from a loss of $53.7 million the year before.
Telstra Corporation Ltd's (ASX:TLS) first half net profit has fallen 36 per cent to $1.21 billion. The telco has also reaffirmed it expects flat sales revenue in the full 2011 fiscal year.
Singapore Telecommunications Ltd’s (ASX:SGT) says operating revenue for its subsidiary Optus lifted 3.6 per cent to $2.4 billion for the three months to 31 December 2010, driven by growth in its mobile division.
In the best and worst performers: The best performing sector at close was Consumer Staples with the index rising 53 to close at 7,884. The worst performing sector was Telco Services falling 3 points to close at 987. The best performing stock in the S&P/ ASX200 was Incitec Pivot shares gained 5.43 per cent to close at $4.66. Shares in ASX and Bow Energy also closed stronger today. The worst performing stock was Independence Group shares slid 8.84% to close at $7.01. Shares Aurora Oil and Gas and Mt Gibson Iron also dropped today.
In commodities, gold is trading at $US1,362 an ounce. Light crude is 29 cents up at $US87 barrel.
