Following weak leads, the Australian share market opened flat and rose steadily throughout the day to close 0.44 per cent up.
The S&P/ASX 200 index closed 19 points up to finish at 4,383. On the futures market, the SPI is currently 27 points higher.
Economic news
The Reserve Bank of Australia’s August monthly board meeting minutes today revealed domestic economic growth overshadowed a fragile global outlook when the RBA decided to keep interest rates steady for a second straight month.
Company news
Telstra Corporation Limited (ASX:TLS) has reportedly flagged plans to shed more than 650 call centre jobs and close call centers as it strives to streamline its operations. Australia’s largest telco is understood to be making the move in the wake of call volumes dropping 20 per cent over the past year. Shares in Telstra Corporation rose 1.35 per cent today to close at $3.75.
Sonic Healthcare Limited (ASX:SHL) has increased its net profit by 7 per cent to a record $323 million in fiscal 2012. The healthcare provider's result was aided by cost cutting measures and stronger revenues, rising 8 per cent over the year. CEO Colin Goldschmidt says the reported result would have been even stronger, if not for the ongoing headwind from a strong Australian dollar. Shares in Sonic Healthcare fell 2.66 per cent today to close at $12.82.
Takeover target Hastings Diversified Utilities Fund (ASX:HDF) has backed a new bid from its suitor APA Group (ASX:APA), trumping a rival bid from Pipeline Partners Australia.
Property developer Mirvac Group (ASX:MGR) has improved its full year net profit by 128 per to $416 million aided by the sale of its hotel management business.
Mining and steel company Arrium Limited (ASX:ARI) formerly known as Onesteel, has posted 75 per cent drop in its full net profit, hit by write downs of property, plant and equipment assets.
Property group Charter Hall Retail REIT (ASX:CQR) has reported a steep decline its full year net profit, falling from $62 million to $9.7 million because of unrealised non-cash movements.
Best and worst performers
The best performing sector was Utilities adding 69 points to close at 5,082.
The worst performing sector was Consumer Staples, losing 28 points to close at 8,507.
The best performing stock in the S&PASX 200 was Arrium Limited (ASX:ARI), rising 11.73 per cent to close at $00.91. Shares in Monadelphous Group Limited (ASX:MND) and Panoramic Resources Limited(ASX:PAN)also closed higher.
The worst performing stock was BlueScope Steel Limited (ASX:BSL), dropping 7.59 per cent to close at $00.36. Shares in Emeco Holdings Limited (ASX:EHL) and Buru Energy Limited (ASX:BRU) also closed lower.
Commodities
Gold is trading at $US1,624 an ounce. Light crude is $0.26 down at $US96.17 a barrel.
The Australian dollar
The Australian dollar is buying $US1.049.
