The Australian stock market gained 0.3 per cent today, boosted by the National Australia Bank’s (ASX:NAB) record profits and a pull back in the Australian dollar.
The S&P/ASX200 Index closed 14 points higher at 4,754. On the futures market, the SPI is up 26 points.
Economic news: Retail sales unexpectedly fell 0.5 per cent in March. Also out, approvals to build new homes jumped 9.1 per cent in March, the biggest rise since October.
Company news: Rio Tinto Ltd’s (ASX:RIO) chairman Jan Du Plessis has warned that global markets remain fragile. The chief executive, Tom Albanese says the miner is running strongly and is well positioned to invest in first-class growth projects, despite a volatile market for its products. Shares in Rio Tinto ended the day 0.26 per cent higher to close at $81.09.
Westpac Banking Corporation (ASX:WBC) customers will be happy to know the bank has restored its ATM, EFTPOS and online banking services. The IT meltdown was due to the air conditioning failing early this morning – but has now been resolved. A spokesperson said it took six hours to restore the systems. St George Bank customers were also affected. Shares in Westpac ended the day 1.58 per cent lower, closing at $23.73.
Woodside Petroleum Ltd (ASX:WPL) says the Greater Laverda area off Western Australian could contain more than 100 million barrels of recoverable oil. Additional work is needed to confirm the size, drilling and analysis is expected to refine the anticipated volume.
Santos Ltd (ASX:STO) operations continue to be adversely affected by wet weather. Production is tipped to be four per cent lower than forecasted. Production for 2011 is now expected to be 47 to 50 million barrels of oil equivalent.
National Australia Bank Ltd (ASX:NAB) posted a better than expected 16 per cent improvement in first half earnings on the back of a 20 per cent drop in bad debt charges.
News Corporation (ASX:NWS) reported a worse than expected 23 per cent fall in third quarter earnings, revenue from its film and publishing divisions slumped, and a litigation charge also hurt profits.
In the best and worst performers: The best performing sector was Telco Services with the index rising 14 points to close at 1,012. The worst performing sector was Real Estate Investment Trusts, falling 11 points to close at 840.
The best performing stock in the S&P/ASX200 was Aquarius Platinum, shares gained 10.73 per cent to close at $5.47. Shares in Lynas Corporation and Carnarvon Petroleum also closed higher today.
The worst performing stock was Pacific Brands, slumping 4.86 per cent to close at $0.685. Shares in Fairfax Media and APN News and Media also closed in the red today.
In commodities, gold is trading at $US1,520 an ounce and Light crude is down $0.43 cents at $US108.81 a barrel.
