The Australian share market has ended the day slightly lower, paring some earlier losses, finishing 0.2 per cent weaker. China’s CPI data has been released and investors are keeping a watchful eye on the latest round of Greek debt talks.
Today, the S&P/ASX200 Index fell 8 points to finish at 4,283. On the futures market, the SPI is 2 points weaker.
Economic news
China's annual inflation rate hit 4.5 per cent in January, the Chinese New Year holiday boosting consumer prices. It’s the highest level in three months, but still below the more than three-year high of 6.5 per cent in July.
And in local economic news, business confidence and conditions rose in the December quarter. The National Australia Bank business survey shows confidence rose four points to one index point from the third quarter. Business conditions gained five points to two index points.
Company news
Telstra Corporation Limited’s (ASX:TLS) net profit for the six months to December 31, rose 22.9 per cent to $1.468 billion, below market expectations. Earnings before interest, tax, depreciation and amortisation are $4.75 billion, up 3.7 per cent. Revenue rose 1 per cent to $12.4 billion. The company has reaffirmed earnings guidance for the year. The telco declared a 14 cent interim dividend. Telstra shares slipped 2.03 per cent today, closing at $3.37.
News Corp (ASX:NWS) has revealed a strong increase in second quarter earnings thanks to its cable television and film business. Net income rose 65 per cent to $US 1.06 billion in the three months to December 31. The global media organisation spent $US 36 million restructuring the Australian and British newspaper divisions. News Corp also booked a $US 87 million charge related to costs of investigations relating to the former British paper The News of the World. Shares in News Corp firmed 0.91 per cent today, closing at $18.91.
Bank of Queensland Limited (ASX:BOQ) vows to keep its home loan interest rates steady as homeowners face the possibility of banks lifting rates independently of the Reserve Bank.
Qantas Airways Limited (ASX:QAN) will inspect its Airbus A380s for cracks on the wings earlier than scheduled, after European officials order global checks.
Stockland (ASX:SGP) reaffirms full year guidance and posts a 28 per cent fall in net profit compared with the previous corresponding period for the six months to December 31st.
And Tabcorp Holdings Limited (ASX:TAH) posts a net profit attributable to shareholders of $189 million for the six months to December 31st, a drop of 28.7 per cent compared with the previous corresponding period.
Best and worst performers
The best performing sector was Energy lifting 96 points to close at 14,134. The worst performing sector was Telco Services, pulling-back 23 points to close at 1,151 points.
The best performing stock in the S&PASX 200, was Linc Energy Limited (ASX:LNC), rising 6.67 per cent to close at $1.44. Shares in Aurora Oil & Gas Limited (ASX:AUT) and Sandfire Resources (ASX:SFR) also finished higher.
The worst performing stock was Sims Metal Management Limited (ASX:SGM) dropping 6.95 per cent to close at $14.20. Shares in OneSteel Limited (ASX:OST) and Saracen Mineral Holdings Limited (ASX:SAR) also closed lower.
Commodities
Gold is trading at $US1,734 an ounce. Light crude is $0.21 higher at $US98.92 a barrel.
