The Australian share market closed slightly lower today, after mixed company earnings reports. The big banks closed lower, with Westpac slipping into the red after releasing a fall in its first-quarter cash earnings. While the miners lifted moderately, BHP closing higher ahead of the release of its half year earnings report tomorrow.
The S&P/ASX200 Index closed 5 points weaker today at 4,931. On the futures market, the SPI is down 4 points.
Company news: AXA Asia Pacific Holdings Ltd (ASX:AXA) full year net profit has fallen 11 per cent to $601 million, as the wealth manager battled with a stronger Aussie dollar and losses in some Asian operations. In the 2010 financial year AXA reports funds under management fell 9 per cent to $73.8 billion, while group operating earnings rose 3 per cent to $572.2 million. AXA has also today said it is in good shape for a handover to joint suitors AMP Ltd (ASX:AMP) and AXA SA, if the sale of its Asian business to AXA SA and merger with AMP is approved. Shares in AXA Asia Pacific Holdings dipped 0.16 per cent to close at $6.42.
Australand Property Group (ASX:ALZ) has booked a turnaround full year result, delivering a better than expected net profit of $165.8 million in the year to 31 December 2010. The fiscal 2010 profit compares with a loss of $298.2 million the year before. Managing director Bob Johnston says Australand delivered a solid result ahead of guidance and is well positioned for growth. Shares in Australand Property Group firmed 0.34 per cent to close at $2.98.
ASX Ltd (ASX:ASX), the operator of the Australian Securities Exchange, has revealed governance changes to strengthen its merger proposal with Singapore Exchange.
Tasmanian forestry company Gunns Ltd (ASX:GNS) says its first half result has slipped to a net loss of $4.6 million, from a net profit of $420,000 the same time a year earlier.
Westpac Banking Corporation (ASX:WBC) has posted a first-quarter cash earnings of $1.55 billion, 3 per cent under the same last year and 5 per cent above the last two quarters of fiscal 2010.
Foster’s Group Ltd (ASX:FGL) has formally approved plans to split its beer and wine businesses, and, revealed a lower than expected first half profit of $312.1 million.
Best and worst performers: The best performing sector at close was Consumer Staples with the index rising 43 to close at 7,924. The worst performing sector was Financials Excluding Real Estate Investment Trusts falling 28 points to close at 5,399. The best performing stock in the S&P/ ASX200 was Macmahon Holdings shares rose 6.1 per cent to close at $0.64. Shares in Aurora Oil and Gas and Oceana Gold Corporation also closed stronger today. The worst performing stock was Energy World Corporation shares slid 4.55 per cent to close at $0.42. Shares Alesco Corporation and Carnarvon also dropped today.
In commodities, gold is trading at $US1,365 an ounce. Light crude is up 36 cents up at $US85.17 a barrel.
