The Aussie sharemarket gained this afternoon, closing more than 2.5 per cent higher, pulled up by materials and energy stocks.
The S&P/ASX200 Index closed 110 points higher at 4,283. On the futures market, the SPI is up 131 points.
Economic news
Australian Bureau of Statistics data shows that 84,733 vehicles were sold on a seasonally adjusted basis in July, up 8.6 per cent from 77,990 in June, the highest level of sales since March.
Company news
Westpac Banking Corporation (ASX:WBC) has pulled out of the controversial funding arrangement of what was dubbed the world’s biggest brothel. Delecta Limited (ASX:DLC), who owns Stiletto, the brothel on Parramatta Road, released a statement today saying Westpac has withdrawn the offer to fund the acquisition of the property. It is now seeking alternative funding arrangements. Shares in Westpac Banking Corporation (ASX:WBC) rose 3.42 per cent to close at $21.17.
Newcrest Mining Limited (ASX:NCM) reported a 63 per cent rise in full-year net profit to $908 million. It also outlined plans to spend $9 billion to boost gold output by 50 per cent over the next five years with a focus on Asia. It is also expected to pay a special dividend of 20 cents per share. Shares in Newcrest Mining Limited (ASX:NCM) lost 0.81 per cent to close at $40.40.
Leighton Holdings Limited (ASX:LEI) reported a full year loss today of $408.8 million. The construction company attributes problems at its Queensland Airport Link project, its Victorian desalination project, and an impairment charge from its stake in the Habtoor Leighton Group for the loss.
Mirabela Nickel Limited (ASX:MBN) posted a first half net loss of $36.01 million today. The miner did not pay or propose a dividend during the period, and says its immediate focus will now be to expand its processing plant and crusher to 7.2 million tonnes a year.
Commonwealth Bank of Australia Limited (ASX:MBN) and National Australia Bank Limited (ASX:NAB) have reportedly lost as much as $150 million on a bad loan that was only approved a few weeks ago. Fairfax Media reports the banks commissioned a loan to British company Healthcare Locums in December last year.
And iiNet Limited (ASX:IIN) reported a full year profit decline of three per cent today. The internet service provider’s net profit was $33.37 million for the year to June 30.
Best and worst performers
The best performing sector was real estate investment trusts, gaining 27 points to close at 748. The worst performing sector was financials excluding real estate investment trusts, still gaining 79 points to close at 4,540.
The best performing stock in the S&P/ASX200 was Coalspur Mines Limited (ASX:CPL), shares rising 12.15 per cent to close at $1.615. Shares in MacMahon Holdings Limited (ASX:MAH) and Leighton (ASX:LEI) also closed in positive territory today.
The worst performing stock was OceanaGold (ASX:OGC), shedding 2.87 per cent to close at $2.03. Shares in AlacerGold (ASX:AQG) and Commonwealth Bank (ASX:CBA), who went ex-dividend today, also closed weaker.
Commodities
Gold is trading at $US1,739 an ounce and Light crude is 6 cents weaker at $US85.32 a barrel.
