The Australian share market has reversed earlier losses to finish the session 0.6 per cent firmer, aided by a recovery among the banks and energy stocks. A challenging week for the local market resulted in its first weekly loss in a month, as investors grappled with overseas tensions in the Middle East and considered results from the reporting season as it comes to a close.
The S&P/ASX200 Index rose 27 points to close at 4,837 while on the week it was down 100 points. On the futures market, the SPI is up 26 points.
To the US and on Wall Street, the DOW Jones Industrial Average was down 323 points over the four trading days this week. The S&P 500 Index was down 37 points, NASDAQ was down 96 and the 100 Index was down 79.
Company news: Harvey Norman Holdings Ltd (ASX:HVN) has booked a 16.5 per cent fall in its in first-half earnings, weighed down by price declines, a strong Australian dollar and the impact of wet weather. The household goods retailer says net profit was $132 million in the six months to 31 December 2010, down from $159 million a year before. Harvey Norman has also attributed the profit fall to a decline in consumer confidence due to successive interest rate rises and significant price deflation for televisions and laptop computers. A fully franked interim dividend of six cents per share has been declared. Shares in Harvey Norman Holdings added 0.66 per cent to close at $3.04.
James Packer’s Crown Ltd (ASX:CWN) has posted a 33 per cent jump in its first half net profit. The casino operator says net profit increased to $153 million while revenue lifted just 0.8 per cent to $1.2 billion in the six months to 31 December, 2010. Crown says growth in non-gaming and main floor gaming revenues at its casinos in Perth and Melbourne offset a weaker performance from VIPs. An interim dividend of 18 cents per share has been declared. Shares in Crown fell 1.79 per cent to close at $8.23.
APN News and Media Ltd (ASX:APN) says its full 2010 financial year net profit grew 1.2 per cent to $94 million. The publisher, broadcaster and advertising company has declared a final dividend of seven cents per share, bringing the total full year dividend to 12 cents per share.
Toll road operator RiverCity Motorway Group (ASX:RCY) has gone into receivership after it failed to get lenders to support a suspension of interest repayments for its $1.3 billion debt. PPB Advisory has been appointed as voluntary administrator of the company.
In the best and worst performers: The best performing sector at close was Telco Services with the index rising 15 to close at 961. The worst performing sector was Utilities, falling 33 points to close at 4,228. The best performing stock in the S&P/ASX200 was Aurora Oil & Gas shares advanced 9.76 per cent to close at $3.26. Shares in Iluka Resources and Ausdrill also closed stronger today. The worst performing stock was Infigen Energy shares dropped 7.61% to close at $0.425. Shares in Carnarvon Petroleum and Pacific Brands also closed in the red today.
Commodities: Gold is trading at $US1,406 an ounce and is down $19.65 on the week. Light crude is 48 cents up at $US97.76 a barrel.
The Australian dollar is trading at 1.0134 US cents, down on the week.
