The Australian share market closed down 0.81 per cent this afternoon, pulled down by energy, financials and materials.
The S&P/ASX200 Index closed 36 points weaker at 4,247. On the futures market, the SPI is 43 points lower.
Economic news
The latest RBA meeting minutes were released today. The bank said acute uncertainty in global financial markets, led them to keep interest rates on hold for the eighth consecutive month.
Company news
Qantas Airways Limited (ASX:QAN) chief executive Alan Joyce announced the strategy for a new global aviation business today, blaming a 20 per cent higher cost base than competitors for the overhaul. The changes will include new routes to South America; launching Jetstar Japan; and most controversially, about 1000 job cuts. Shares in Qantas Airways Limited (ASX:QAN) ended the day 0.33 per cent higher at $1.525.
Westpac Banking Corporation (ASX:WBC) has reported a two per cent fall in third quarter earnings, compared with a year earlier. Net profit for the bank came in at $1.45 billion. Chief executive Gail Kelly said the bank’s funding strategy will allow it to stay out of global debt markets for more than six months. Shares in Westpac Banking Corporation (ASX:WBC) closed down 4.35 per cent today at $20.25.
Echo Entertainment Group Limted (ASX:EGP) has reported 16 per cent increase in full year net profit after tax of $225.9 million. The casino spin-off from Tabcorp says its current trading for the start of the new financial year is in line with expectations and is solid, given a cautious consumer environment.
Meanwhile, Tabcorp Holdings Limited (ASX:TAH), posted a full year 14 per cent increase in net profit after tax to $534.8 million. Tabcorp’s gaming arm performed strongly with 7.1 per cent increase in profit to $241. Tabcorp is targeting a dividend payout of 50 per cent of net profits in the new financial year.
Perpetual Limited (ASX:PPT) says that although its full year financial results haven’t been finalised, profit after tax is expected to be $72.9 million. The company closed its Dublin-based International Share Funds product yesterday, transferring the funds management to Boston-based Wellington Management Company.
James Hardie Industries (ASX:JHX) profits fell 99 per cent to US$1 million. The company said asbestos-related expenses were to blame for the nosedive.
Best and worst performers
The best performing sector was real estate investment trusts, the index gaining 21 points to close at 769. The worst performing sector was energy, easing 245 points to close at 13,694.
The best performing stock in the S&P/ASX200 was Stockland (ASX:SGP) shares gained 5.54 per cent to close at $2.86. Shares in Leighton Holdings (ASX:LEI) and Sigma (ASX:SIP) also gained today.
The worst performing stock was GWA (ASX:GWA), shedding 5.88 per cent to close at $2.40. Shares in Alumina (ASX:AWC) and Austar (ASX:AUN) also fell today.
Commodities
Gold is trading at $US1,768 an ounce and Light crude is down 69 cents to $US87.19 a barrel.
