A four hour trading halt threw the market into disarray. It possibly couldn’t have come at a worse time, today is settlement day for October dated options, there was a lot of news out of Europe that investors were eager to react to, as well as some big company news. At 2pm investors got their chance, with the market getting close to a normal day’s trading volume despite only being open for two hours, and ending the day 2.5 per cent higher.
The S&P/ASX200 Index today finished 106 points higher at 4,348. On the futures market, the SPI is currently 135 points higher.
Economic news
Euro zone leaders struck a deal with private banks and insurers, getting them to accept a 50 per cent loss on holdings of Greek government bonds, lowering the country’s debt burden.
Company news
Australian stock exchange operator ASX Limited (ASX:ASX) halted trading shortly after the 10am open, following a “technical issue”. The failure prompted the ASX to review the 6,700 trades made this morning, later deciding that all trades were valid and would stand. The failed system is less than a year old. The market finally opened at 2pm. Next Monday ASX’s rival Chi-X will go live, ending the two-decade monopoly. ASX shares closed 1.36 per cent higher at $30.56.
National Australia Bank Limited (ASX:NAB) has posted a 20 per cent increase in cash earnings for the year. It’s in line with expectations and mostly driven by improved revenue momentum. For the year to September 30, NAB posted cash earnings of $5.5 billion. Total revenue is $17.6 billion, almost a 6 per cent increase on last year. The bank will pay a final dividend of 88 cents, taking the total dividend to 172 cents. NAB shares closed 3.69 per cent higher at $25.87.
Woolworths Limited (ASX:WOW ) says it “can do better”, with total sales growth of almost 5 per cent to $14.6 billion in the September quarter.
Crown Limited (ASX:CWN) shareholders have voted against the company’s remuneration report, with chairman James Packer and the chief executive ignoring calls for the company to release earnings targets tied to executive incentive payments.
Ten Network Holdings Limited (ASX:TEN) reported a full year net profit of just over $14 million. That’s a 90 per cent fall on the previous corresponding period.
Leighton Holdings Limited (ASX:LEI) is confident it will report a net profit of between $600 and $650 million, after a forecasting review.
Best and worst performers
All sectors closed in the black. The best performing sector was Materials, rising 421 points to close at 11,916. The sector with the smallest gains was Telco Services, advancing 3 points to close at 1,080.
The best performing stock in the S&P/ASX200 was Mirabela Nickel, shares jumped 14.14 per cent to close at $1.695. Shares in Fortescue Metals Group and Ten Network Holdings also advanced.
The worst performing stock was Mesoblast, losing 1.78 per cent to close at $9.40. Shares in Envestra and Monadelphous Group also eased today.
Commodities
The price of gold is $US1,722 an ounce and Light crude is up $1.91 at $US92.11 a barrel.
