Despite a positive open the Australian share market has dipped into the red following mixed offshore leads. As earnings reports come in Commonwealth Bank of Australia
(ASX:CBA) is trading higher after posting a record full year profit of $7.1 billion and mining heavyweight Rio Tinto Limited
(ASX:RIO) is trading ex-dividend.
The S&P/ASX 200 index is trading 5 points lower at 4,287. On the futures market the SPI is 8 points lower.
Economic news A read on consumer sentiment has come in lower than expected. A poll of 1,200 people from Westpac Banking Corporation
(ASX:WBC) and the Melbourne Institute has shown the Survey of Consumer Sentiment dropped 2.5 per cent to 96.6 in August after rising 3.7 per cent the month before. Westpac’s chief economist Bill Evans has described the result as disappointing.
Company news
Casino operator Echo Entertainment Group Limited
(ASX:EGP) has posted an 80 per cent fall in its annual net profit, hit by soft consumer confidence and write-downs on its VIP gambling business, opening its Sydney casino and cost-cutting initiatives.
Real estate investment trust Westfield Retail Trust
(ASX:WRT) has recorded a 5.3 per cent drop in its first half net income, coming in at $416.9 million, which it says was achieved in a challenging retail environment.
Metals recycler Sims Metal Management Limited
(ASX:SGM) says it expects to next week post a net loss of $521 million for the 2012 financial year, dragged down by impairment charges.
Car parts manufacturer ARB Corporation Limited
(ASX:ARP) has improved its net profit by 1.7per cent to $38.5 million but warned short term growth will be capped by capacity constraints.
Best and worst performers The best performing sector is Health Care gaining 115 points to 9,518. Shares in Primary Health Care Limited
(ASX:PRY) have risen 8.74 per cent and trading at $3.36 after reporting a jump in its full year net profit and forecasting growth ahead. Shares in Ansell Limited
(ASX:ANN) and ResMed Inc.
(ASX:RMD)are also stronger.
The worst performing sector is Utilities, falling 45 points to 4,912. Shares in AGL Energy Limited
(ASX:AGK) have fallen 1.59 per cent, trading at $15.16. Shares in Spark Infrastructure Group
(ASX:SKI) are lower while shares in SP AusNet
(ASX:SPN) are slightly higher.
Gold and the dollar
Gold is trading at $US1,601 an ounce.
The Australian dollar is buying $US1.048.
