The Australian share market has closed 0.6 per cent up, extending its morning rally into the afternoon with three of the four big banks leading the way,surging on the back of positive trading updates from last week. Local stocks opened higher and hit fresh four and a half year highs today, with investors trading on a glut of earnings reports.
The S&P/ASX 200 index closed 30 points up to finish at 5,063. The value of trades was $7.5 billion on volume of 1 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Telstra Corporation Limited
(ASX:TLS) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 49 points up.
Economic news
The Australian Bureau of Statistics (ABS) released new car sales data for January. New car sales fell 2.4 per cent in the first month of 2013, with 95,694 new vehicles sold.
Company news
Arrium Limited
(ASX:ARI) has appointed the head of its mining consumables business, Andrew Roberts, to replace Geoff Plummer as its new CEO. Mr Roberts will join the mining and materials company’s board as deputy managing director ahead of taking the top job in the first quarter of fiscal 2014. Shares in Arrium closed 6.78 per cent up at $1.26.
Bendigo and Adelaide Bank Limited
(ASX:BEN) has cautioned that there is still a high level of uncertainty and volatility in the market despite posting a major lift in its first half net profit. In the six months to the end of December, the bank posted a net profit of $189.4 million and underlying cash earnings of $169.7 million for the half, declaring a fully franked interim dividend of 30 cents per share. Shares in Bendigo and Adelaide Bank closed 3.25 per cent up at $10.17.
Clothing retailer Pacific Brands Limited
(ASX:PBG) has swung to a $38.9 million half year net profit, up from a $362 million loss in the same period last year.
Property developer Lend Lease Group
(ASX:LLC) has boosted its first half net profit by 39 per cent to $302.3 million, delivered primarily by Lend Lease’s Australian businesses.
Despite a record first half, mining services company Boart Longyear Limted’s
(ASX:BLY) full year net profit has slumped 57.4 per cent to $US68.2 million.
BlueScope Steel Limited
(ASX:BSL) shares gained over 15 per cent today, with the steel maker significantly narrowing its loss in the first half.
Best and worst performers
The best performing sector was Financials Excluding Real Estate Investment Trusts adding 85 points to close at 6,190.
The worst performing sector was Telco Services, losing 19 points to close at 1,566 points.
The best performing stock in the S&PASX 200 was BlueScope Steel Limited
(ASX:BSL), rising 15.38 per cent to close at $4.35. Shares in Arrium Limited
(ASX:ARI) and FlexiGroup Limited
(ASX:FXL) also closed higher.
The worst performing stock was Discovery Metals Limited
(ASX:DML), dropping 15.05 per cent to close at $0.79. Shares in Kingsgate Consolidated Limited
(ASX:KCN) and Gryphon Minerals Limited
(ASX:GRY) also closed lower.
Commodities
Gold is trading at $US1,612 an ounce. Light crude is $0.24 down at $US95.62 a barrel.
The Australian dollar
The Australian dollar is buying $US1.029.
