The Australian sharemarket has closed slightly lower, breaking a four day winning streak but clawing back some earlier losses.
Today, the S&P/ASX 200 index fell 7 points to finish at 4,286. On the futures market, the SPI is currently 14 points lower.
Economic newsAverage Weekly Time Earnings rose 0.5 per cent for the three months to November reports the Australian Bureau of Statistics.
And Luci Ellis, the head of the Reserve Bank's financial stability department says Australia will not experience a property market crisis like in the United States because of high-quality lending practices.
Company newsFairfax Media Limited
(ASX:FXJ) has reported a half year net profit after significant items and tax of $96.7 million, a 41 per cent fall on the prior corresponding period. The company incurred impairment and restructuring charges totalling $39 million. Chief executive Greg Hywood says the results are disappointing, adding advertising conditions have been tough. A three-year plan to reshape Fairfax has also been announced, focusing on content delivery and sales. An interim fully franked dividend of 2 cents per share will be paid. Fairfax shares fell 0.61 per cent today, closing at $0.82.
Origin Energy Limited
(ASX:ORG) has posted a net profit of $794 million for the half year to December, rebounding from a loss of $136 million in the prior corresponding half year. First half underlying profit surged more than 60 per cent to $489 million, helped by the acquisition of power assets, higher commodity prices and lower exploration expenses. The company says it's on track for a 30 per cent jump in full-year profit. An interim fully franked dividend of 25 cents per share will be paid. Origin shares gained 1.89 per cent today, closing at $14.05.
Iluka Resources Limited
(ASX:ILU) reports a full year profit of $542 million on the back of a rise in mineral sands revenue.
David Jones Limited
(ASX:DJS) says total sales revenue fell 3 per cent to $598.5 million for the second quarter.
Virgin Australia Holdings Limited
(ASX:VAH) boasts a first-half net profit of $52 million, almost a 120 per cent increase.
And finally, Insurance Australia Group Limited
(ASX:IAG) announces net profit slipped to $144 million for the six months to December.
Best and worst performersThe best performing sector was Energy adding 264 points to close at 14,706. The worst performing sector was Telco Services, losing 19 points to close at 1,112 points.
The best performing stock in the S&PASX 200 was OneSteel Limited
(ASX:OST), jumping 21.05 per cent to close at $1.15. Shares in Insurance Australia Group Limited
(ASX:IAG) and Virgin Australia Holdings Limited
(ASX:VAH) also added value.
The worst performing stock was Industrea Limited
(ASX:IDL) falling 23.29 per cent to close at $0.955. Shares in Kingsgate Consolidated Limited
(ASX:KCN) and FKP Property Group
(ASX:FKP) also lost value.
CommoditiesGold is trading at $US1,774 an ounce. Light crude is $0.38 lower at $US105.90 a barrel.
