The Australian share market has finished the day 0.2 per cent higher despite soft overnight leads after being lifted by the big banks and positive economic data. The day passed with fairly flat trade as investor concerns continue to surround the fiscal situation in both the US and Greece.
The S&P/ASX 200 index closed 9 points up to finish at 4,388. On the futures market, the SPI is currently 8 points higher.
Economic news
The Westpac Banking Corporation and Melbourne Institute’s survey of Consumer Sentiment rose 5.2 per cent to 104.3 per cent for November. The plus 100 level suggests Australians are feeling more upbeat about the economy in reaching its highest level since April last year.
There was a slightly weaker than expected reading for wage prices in Australia from the Australian Bureau of Statistics. The wage price index rose 3.7 per cent from the year before, while total hourly rates of pay, excluding bonuses, rose by 0.7 per cent in the September quarter.
Company news
Singapore Telecommunications Limited’s
(ASX:SGT) Australian arm Optus has reported a 7.2 per cent fall in its first half net profit of $319 million. Singtel has cut its full year revenue guidance for Optus, expecting a mid-single digit level decline, after itself posting a 1.6 per cent dip in second quarter net profit of $680 million. The profit dip was chiefly attributed to a lower revenue contribution from Optus amid negative mobile industry growth. Shares in Singtel closed steady at $2.47.
Blackwood Corporation Limited
(ASX:BWD) and Nathan Tinkler’s Mulsanne Resources have been granted another one week extension to reach a settlement over a $28.4 million debt ahead of a return to court. Blackwood is suing the Tinkler company after it agreed to purchase a 33.85 per cent stake in the coal explorer and failed to follow through on the deal. Now Blackwood is seeking to wind up Mulsanne resources and recover the funds via the appointment of a liquidator. Shares in Blackwood closed steady at $0.18.
Construction company Leighton Holdings Limited
(ASX:LEI) will write off its $63 million investment in toll road operator BrisConnections Units Trusts
(ASX:BCS).
Pilbara focused iron ore producer Atlas Iron Limited
(ASX:AGO) has affirmed its full year production targets and spruiked its longer-term growth options.
Fairfax Media Limited
(ASX:FXJ) shares lifted 3.95 per cent today after the media company sold its US based agricultural media business to agricultural information business Penton Media for $US79.9 million.
DuluxGroup Limited
(ASX:DLX) has posted a 4 per cent slide in its annual net profit to $89.5 million.
Best and worst performers
The best performing sector was Real estate investment trusts adding 11 points to close at 956.
The worst performing sector was Energy, losing 77 points to close at 11,876.
The best performing stock in the S&PASX 200 was CSR Limited
(ASX:CSR), rising 7.07 per cent to close at $1.67. Shares in Mirabela Nickel Limited
(ASX:MBN) and Envestra Limited
(ASX:ENV) also finished the day higher.
The worst performing stock was Aurora Oil & Gas Limited
(ASX:AUT), dropping 8.45 per cent to close at $3.36. Shares in Mineral Deposits Limited
(ASX:MDL) and Saracen Mineral Holdings Limited
(ASX:SAR) were also lower at market close.
Company IPO's
Dacian Gold limited
(ASX:DCN) listed with an issue price of $0.50, opening at $0.60 and closing at $0.55.
Commodities
Gold is trading at $US1,727 an ounce.
Light crude is $0.04 up at $US85.42 a barrel.
The Australian dollar
The Australian dollaris buying $US1.045.
