The Australian share market closed 1.33 per cent higher today, after climbing steadily throughout the afternoon with staples, industrials and real estate investment trusts pulling it up.
The S&P/ASX200 Index closed 57 points stronger at 4,304. On the futures market, the SPI is 47 points higher.
Economic news
The Australian Bureau of Statistics labour price index for June showed hourly rates of pay rose 0.9 per cent for the quarter.
And the Westpac–Melbourne Institute Leading Index, of economic activity grew 1.6 per cent in June 2011, well below its long term trend of 3 per cent.
Company news
Westfield Group (ASX:WDC) reported a net profit after tax for the six month to June of $651 million. The group’s chief executives Peter and Steven Lowy said the result was consistent with earnings forecasts, and was driven by a 6 per cent increase in net property income and a 50 per cent increase in management and development income.Westfield confirmed a distribution of 24.2 cents per security. Shares in Westfield Group (ASX:WDC) ended the day 0.74 per cent higher at $8.20.
Woodside Petroleum Limited (ASX:WPL) reported an eight per cent fall in its half year net profit, to $800 million. The company said the drop was due to the positive impacts of the sale of its Otway Basin asset in the previous corresponding period. Revenue was seven per cent higher than last year thanks to higher commodity prices. Shares in Woodside Petroleum Limited (ASX:WPL) closed 1.18 per cent up today at $37.76.
Boral (ASX:BLD) has reported a net profit after tax of $166 million for the full year to June 30, up from a $19 million loss last year. The company’s chief executive Mark Selway said he was pleased with the result, particularly in light of weather related difficulties and the second half softening of residential building both here and in the US. Boral will pay a dividend of seven cents per share on September 27.
CSL Limited (ASX:CSL) has reported a net profit after tax of $941 million for the year to June 30, down $112 million or 11 per cent compared with the same period the year before. CSL said the result included an unfavourable foreign exchange impact of $116 million. The company will pay a final dividend of 45 cents per shares, franked to 4.4 per cent, payable on October 14.
Fletcher Building Limited’s (ASX:FBU) Net profit after tax for the year was NZ$283 million, up from NZ$272 million the previous year. Chief executive Jonathan Ling said the result reflected mixed trading conditions seen in its key markets. Most divisions reported stronger trading performances.
The company will pay a final dividend of 17 cents per share, up from15 cents a year earlier.
The Reject Shop Limited (ASX:TRS) reported a net profit after tax for the year of $16.2 million today, a drop from $23.4 million the previous year.
Sales were up however, by 7.3 per cent. Chairman Bill Stevens said the decrease reflected the combined impact of the closure of the Ipswich Distribution Centre due to flooding, and weak consumer sentiment. The Reject Shop will pay a fully franked dividend of eight cents per share.
Sectors and stocks
The best performing sector was the consumer staples, the index rising 159 points to close at 7,595. The worst performing sector was healthcare, easing 80 points to close at 7,837.
The best performing stock in the S&P/ASX200 was MacMahon (ASX:MAH) shares gained 7.69 per cent to close at 63 cents. Shares in Sandfire (ASX:SFR) and Mermaid Marine (ASX:MRM) also gained today.
The worst performing stock was Boral (ASX:BLD), shedding 4.90 per cent to close at $3.69. Shares in Paladin (ASX:PDN) and Downer EDI (ASX:DOW) also fell today.
IPOs
Ridge Resources (ASX:QRL) started trading at 20 cents today, which was its issue price. It closed at 19 cents.
Commodities
Gold is trading at $US1,790 an ounce and Light crude is up 69 cents cents to $US87.34 a barrel.
