The Australian share market closed flat today. The miners were lower with BHP closing 1.6 per cent lower despite posting a record half year profit.
The S&P/ASX200 Index closed 0.83 points weaker today at 4,930. On the futures market, the SPI is down 4 points.
Economic news: The Australian Bureau of Statistics has reported that new motor vehicle sales fell 1.9 per cent in January. The figures were impacted by the flooding in Queensland. Sales for the same period of new cars in Queensland, dropped 5.6 per cent. The Westpac-Melbourne Institute’s index of economic activity has shown an annualised growth rate of 4.2 per cent in December. It represents the first lift in growth since March 2010. The latest read did not take into consideration the impact of Australia’s recent severe weather.
Company news: Regional lender, Bank of Queensland (ASX:BOQ) has cut its 2011 profit guidance by $35 million. It says the recent floods and storms in its key market is the reason for the downgrade. The guidance is now between $175 million and $195 million. Also the bank says its provisioning levels for the first half will rise by $45 million. Half year profits to February, will be announced mid April. Shares in Bank of Queensland closed 2.42 per cent lower at $10.06.
Sydney based, Gloucester Coal Ltd (ASX:GCL) has increased first-half profit by 28 per cent. It rose to $23.16 million, compared with the prior corresponding period. Sales of coking and thermal coal increased from 914 kilotonnes to 1028 kilotonnes. Gloucester Coal also has increased its stake in the Middlemount coal mine in Queensland to nearly 50 per cent, giving it joint control with Macarthur Coal. Shares in Gloucester Coal are down by 0.88 per cent to close at $12.41.
ARB Corporation Ltd (ASX:ARP) has reported a half year net profit of $17.97 million, up 17.4 per cent from the prior corresponding period. The Automotive group says it expects reasonable growth for the full year.
Ardent Leisure Group (ASX:AAD) posted better than expected first-half profit results. The company which operates theme parks including Dreamworld, plus bowling centres and Gyms, says despite the wet weather in Queensland, its profit rose 130 per cent from the prior first half.
BHP Billiton (ASX:BHP) has booked a record first half net profit $10.52 billion. The global mining giant also boosted its dividend and announced it will return $10 billion to its shareholders.
Westfield Group Ltd (ASX:WDC) has made a comeback with a full year net profit of $1.1 billion for 2010, up from a $458 million loss in 2009.
Best and worst performers: The best performing sector at close was Telco Services with the index rising 6 to close at 1,005. The worst performing sector was Health Care falling 76 points to close at 9,031. The best performing stock in the S&P/ ASX200 was Ardent Leisure Group, shares rose 16.6 per cent to close at $1.37. Shares in PaperLinx and Anatolia Minerals Development also closed stronger today. The worst performing stock was MacMahon Holdings, shares slid 9.38 per cent to close at $0.58. Shares in Paladin Energy and The Reject Shop also dropped today.
In commodities, gold is trading at US1,373 dollars an ounce. Light crude is up 24 cents at $US84.56 a barrel.
