The Australian share market rose at open on the back of strong earning reports from the mining sector before easing after lunch and closing 0.36 per cent higher.
The S&P/ASX 200 index closed 16 points up today, finishing at 4,359. On the futures market, the SPI is currently 11 points higher.
Economic news
The Housing Industry Association today released its new home sales data for July, revealing a 5.6 per cent drop on the back of three consecutive months of new home sales increases. The detached housing sector also fell 5.5 per cent and multi unit sales came down by 6.4 per cent.
Company news
Centro Retail Australia Limited (ASX:CRF) has posted a $223 million loss for the seven months to June, the first results reported since its establishment last December. The shopping centre owner attributed the loss to one off expenses stemming from the settlement of a class action against its former incarnation Centro Group. Centro says that without those costs, underlying earnings for the period were $123 million. Shares in Centro Retail closed 0.48 per cent up at $2.10.
Flight Centre Limited (ASX:FLT) has increased its full year net profit by 43 per cent, to $200 million. The travel agency says it benefitted from a strong presence in the corporate and retail travel sectors and anticipates growing its global network between 6 and 8 per cent in the coming year. Flight Centre will pay a final dividend of 79 cents, taking its full year pay out to $1.12. Shares in Flight Centre closed 0.42 per cent higher at $23.70.
Seven Group Holdings Limited (ASX:SVW) increased its net profit by 38 per cent to $342 million, boosted by its earth-moving equipment sales operation WesTrac Australia.
Virgin Australia Holdings Limited (ASX:VAH) has posted a full year net profit of $22.8 million to rebound from a $68 million loss in fiscal 2012.
Galaxy Resources Limited (ASX:GXY) says it plans to advance its lithium and potash brine project Sal De Vida in Argentina, where it has a 70 per cent stake.
Telstra Corporation Limited (ASX:TLS) has reportedly handed over its digital ad sales to media company Multi Channel Network (MCN) in an effort to boost digital ad revenues.
Best and worst performers
The best performing sector was Utilities adding 84 points to close at 5,081.The worst performing sector was Materials which lost 38 points to close at 9,695 points.
The best performing stock in the S&PASX 200 was Aristocrat Leisure Limited (ASX:ALL), rising 7.39 per cent to close at $2.76. Shares in Seven Group Holdings Limited (ASX:SVW) and Arrium Limited (ASX:ARI) also closed higher.
The worst performing stock was Ramelius Resources Limited (ASX:RMS), dropping 9.35 per cent to close at $0.48. Shares in AWE Limited (ASX:AWE) and Discovery Metals Limited (ASX:DML) are also lower at close.
Commodities
Gold is trading at $US1,662 an ounce. Light crude is $0.06 down at $US95.41 a barrel.
The Australian dollar
The Australian dollar is buying $US1.036.
