Positive company results led by Commonwealth Bank of Australia (ASX:CBA) has pushed the Australian share market through the key 5000 level before closing 0.9 per cent up, the highest level since the GFC.
Today, the S&P/ASX 200 index closed 45 points up to finish at 5,004.
The value of trades was $4.7 billion on volume of 826 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 31 points higher.
Economic news
There are signs that recent interest rate cuts could be stimulating the economy, with consumer confidence jumping to its highest level in more than two years. Westpac and the Melbourne Institute’s Survey of Consumer Sentiment index rose by 7.7 per cent to 108.3 in February, largely aided by the local share market rally and improved outlooks for the family budget. The rise compares to a marginal 0.6 per cent lift last month.
Lending finance has lifted by 8.6 per cent in December, according to the Australian Bureau of Statistics. Personal lending also edged up by 0.2 per cent for the month.
Company news Medical gloves and condoms maker Ansell Limited
(ASX:ANN) posted a 15 per cent drop in its first half net profit to $55 million. Ansell says it will buy back between two and three million shares in the next 12 months and remains committed to growth through acquisitions. Ansell declared an unfranked dividend of 16 cents per share. Shares in Ansell closed 5.74 per cent down at $15.94.
Commonwealth Bank of Australia
(ASX:CBA) has lifted its first half net profit by one per cent to $3.66 billion. The bank’s cash profit increased by six per cent and slightly ahead of expectations. CBA declared an interim dividend of $1.64 per share. Shares in CBA closed 2.43 per cent up at $67.11.
OZ Minerals Limited
(ASX:OZL) full year net profit has slumped 44.6 per cent to $152 million due to a softening in copper prices.
Noni B Limited
(ASX:NBL) posted a drop in its first half profit to $1.9 million, down from $2.4 million the same time last year. The clothing retailer says it expects to record greater revenues across its new stores in Sydney, Melbourne, Brisbane, and Perth.
CSL Limited’s
(ASX:CSL) first half net profit has increased 24 per cent to $609 million thanks to an increase in demand for blood derived treatments. The vaccine maker has reaffirmed its full year profit growth outlook of 20 per cent.
Boral Limited
(ASX:BLD) has reported a first half net loss of $25.3 million, down from a net profit of $153 million. Despite the loss, Boral has opted to pay an interim dividend of 5 cents a share, fully franked.
Best and worst performers
The best performing sector was financials excluding REITs adding 98 points to close at 6,045.The worst performing sector was health care, losing 59 points to close at 12,243 points.
The best performing stock in the S&PASX 200 was Leighton Holdings Limited
(ASX:LEI), rising 11.2 per cent to close at $23.14. Shares in Bradken and Drillsearch Energy also closed higher.
The worst performing stock was Alacer Gold Corp
(ASX:AQG) dropping 6.09 per cent to close at $4.01. Shares in Ansell and FKP Property also closed lower.
Commodities
Gold is trading at $US1,652 an ounce. Light crude is $0.10 up at $US97.61 a barrel.
The Australian dollar
The Australian dollar is buying $US1.035.
