The Australian share market has ended the day slightly higher. Meanwhile, the National Australia Bank Limited
(ASX:NAB) has announced it will cut its standard variable home loan rate by 32 basis points, falling short of the Reserve Bank’s half a point cut. NAB’s home loan rate will now stand at 6.99 per cent.
Today, the S&P/ASX 200 index closed 6 points up to finish at 4,436. On the futures market, the SPI is currently 10 points stronger.
Company news Australia and New Zealand Banking Group
(ASX:ANZ) has reported a 6 per cent rise in first-half cash profit of $2.97 billion. The underlying profit was in line with analyst’s estimates. The rise in cash earnings enabled the bank to increase its interim dividend 3 per cent to 66 cents a share fully franked. Chief executive Mike Smith has remained tight lipped on how much of the Reserve Bank’s 50 basis point cut the bank will pass on. ANZ will review its own rates next Friday. ANZ shares closed 0.79 per cent lower at $23.80.
Singapore Telecommunications Limited
(ASX:SGT) Australian arm Optus says it will most likely axe 750 roles over the coming months. The majority of these roles will come from senior and middle management as well as operations, back office and support functions. SingTel shares closed 0.82 per cent higher at $2.45.
Origin Energy Limited
(ASX:ORG) agrees to sell some of its coal seam gas reserves in Queensland to a joint venture building a rival project.
The Federal Court bans illegal strikes at Woodside Petroleum Limited’s
(ASX:WPL) North West Shelf expansion projects for seven years – reports the Australian Financial Review.
Leighton Holdings Limited
(ASX:LEI) wins a $604 million, three-year contract for mining services at the Peak Downs Mine in Central Queensland.
And Fortescue Metals Group Limited
(ASX:FMG) founder Andrew Forrest says his company will pay little or no Minerals Resource Rent Tax.
Best and worst performers
The best performing sector was Health Care adding 78 points to close at 9,107. The worst performing sector was Utilities, falling 94 points to close at 4,798 points.
The best performing stock in the S&PASX 200 was Sandfire Resources
(ASX:SFR) rising 4.33 per cent to close at $8.20. Shares in Beadell Resources Limited
(ASX:BDR) and Stockland
(ASX:SGP) also closed higher.
The worst performing stock was APA Group
(ASX:APA) dropping 6.37 per cent to close at $4.85. Shares in Wotif.com Holdings
(ASX:WTF) and Energy World Corporation
(ASX:EWC) also closed lower.
IPO Osprey Medical Inc
(ASX:OSP) floated today with an issue price of 40 cents, opening and closing price of 42 cents.
Commodities
Gold is trading at $US1,656 an ounce. Light crude is $1.29 higher at $US106.16 a barrel.
The Australian dollar
The Australian dollar is buying $US1.0338.
