Market Wrap: ASX claws back early losses

Market Reports

The Australian share market has clawed back its early losses to finish slightly ahead, inching up in afternoon trade as investors toasted a strong profit result from Flight Centre, which rallied after boosting its full year earnings and closed at a record high. Meanwhile, Billabong and Seven Group both slumped after tumbling profits and a tumbling earnings outlook respectively. The Aussie dollar has dropped more than half a cent today amidst losses across the region, remaining below 90 US cents. 
 
The S&P/ASX 200 index closed 6 points up to finish at 5,141. The value of trades was $4.2 billion on volume of 731 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 Westpac Banking Corporation (ASX:WBC)
 
On the futures market the SPI is 5 points down.
 
Company news
 
Whitehaven Coal Limited (ASX:WHC) swung to a net loss of $82.2 million in fiscal 2013, reflective of significantly lower average coal prices.
The miner does not expect any short term price improvement however says a weaker Australian dollar will help to boost revenues in the current financial year. Shares in Whitehaven closed 0.99 per cent down at $2.00. 
 
Fisher & Paykel Healthcare Corp Limited (ASX:FPH) has increased its earnings forecast on the back of new products lifting sales and widening margins. The respiratory products manufacturer says profit is likely to be between $NZ90 and $NZ95 million as it boosts profit margins on record sales, high margin new products and lower costs from its plant in Mexico. Shares in Fisher & Paykel closed 0.32 per cent down at $3.08. 
 
Billabong International Limited (ASX:BBG) shares fell 5.31 per cent after it put a number on a difficult fiscal 2013, reporting a $859.5 million loss and declining to provide any earnings guidance for the current financial year. 
 
Seven Group Holdings Limited (ASX:SVW) delivered a record full-year result of $488.6 million, however shares dropped 7.53 per cent after Managing Director Don Voelte tipped an earnings fall of up to 40 per cent in the current financial year.
 
Flight Centre Limited (ASX:FLT) rallied more than 8.5 per cent to finish as the days best after the travel retailer boosted its full year net profit by 23 per cent to $246.1 million and finished fiscal 2013 with a $1.26 billion global cash and investment portfolio.
 
AWE Limited (ASX:AWE) shares fell 3.33 per cent after the oil and gas explorer swung to a full year net profit of $20 million, bouncing back from a net loss of $66.5 million in fiscal 2012, and says it will continue to pursue projects locally, in Indonesia and New Zealand. 
 
Best and worst performers

The best performing sector was Consumer staples adding 71 points to close at 9,729.
The worst performing sector was Energy, losing 87 points to close at 13,602.
 
The best performing stock in the S&PASX 200 was Flight Centre Limited (ASX:FLT), rising 8.54 per cent to close at $48.41. Shares in Carsales.com Limited (ASX:CRZ) and Mineral Deposits Limited (ASX:MDL) also closed higher.
 
The worst performing stock was Boart Longyear Limited (ASX:BLY), dropping 10.20 per cent to close at $0.44. Shares in Western Areas Limited (ASX:WSA) and Ausdrill Limited (ASX:ASL) also closed lower. 
 
Commodities

Gold is trading at $US1,400 an ounce. Light crude is $0.50 down at $US106 a barrel.

The Australian dollar 

The Australian dollar is buying $US0.8953.  

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