The Australian share market has followed positives leads and finished 1.06 per cent higher as a large fall in healthcare was offset by a rise in all other sectors. The S&P/ASX 200 index closed 56 points up to finish at 5,310.
The value of trades was $5.3 billion on volume of 897 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 ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 63 points up.
Economic news
The Financial Review is reporting that Australia’s trade with China surged 33.1 per cent in January year on year. Food, energy and iron ore are leading the numbers. China also reported a 10.6 per cent increase in exports despite all other data pointing to a slowing economy. Economists had predicted only a 0.1% increase for the month. Chinese Customs administration said it fears the practice of faking shipment figures may have resurfaced in the Middle Kingdom.
At home, the Westpac Melbourne Institute Consumer Confidence Survey has recorded a 3% drop in consumer sentiment in February. The index fell from the result of 103.3 in January to 100.2 this month and is down 7.5% from this time last year. The survey also revealed consumers to be increasingly pessimistic about economic conditions for the next five years.
The ABS has advised that short term visitor arrivals for December 2013 were up 7.5% on the same month a year earlier. The Bureau said 789,400 short-term visitor arrived in Australia in December 2013. Meanwhile, short-term resident departures during December of 2013 totalled 747,900, an increase 8.0% higher than in December 2012. Both results are the highest on record.
Company news Commonwealth Bank of Australia
(ASX:CBA) has posted a record half year profit of $4.27 billion on the back of revenue growth and a fall in bad debts. The result puts Australia’s largest bank on track to top last financial year’s record profit of $7.8 billion.
Despite that shares in Commonwealth Bank of Australia
(ASX:CBA) finished flat, rising 0.37 per cent to close at $76.20.
Stockland Corporation Limited
(ASX:SGP) has reported a uplift in underlying profit of 4.8% for H1 of Fiscal 2014. The property group lifted the figure to $267 million from $255 for the same period last year. Stockland posted a statutory profit of $298.1 million, up $45.2 million on H1 Fiscal 2013. A lift in earnings in both its residential and retirement divisions has driven the result.
Shares in Stockland Corporation Limited
(ASX:SGP) are trading up 4.84 per cent at $3.90.
Boral Limited
(ASX:BLD) has reported a 73.2% rise in net profit for H1 of Fiscal 2014. The building materials giant said strong improvement in its construction materials arm helped the figure and it expects a return to profitability for its U.S. business in the second half of this year.
Shares in Boral Limited
(ASX:BLD) jumped 9.00 per cent higher.
CSL Limited
(ASX:CSL) has reported a 3 per cent rise in net profit in the first half of 2013-14. The settling of a legal dispute helped lift underlying profit of $713 million, far exceeding analyst expectations. The company says the release of new drugs in the US during H2 is expected to be a highlight. The market wasn’t as impressed and Shares in CSL Limited
(ASX:CSL) are trading 3.02 per cent lower.
The best and worst performer
The best performing sector was Real Estate Investment Trusts adding 22 points to close at 1,009. The worst performing sector as mentioned was Health Care, punished for some lacklustre earnings reports. It lost 284 points to close at 14,029 points.
The best performing stock in the S&P/ASX 200 was OZ Minerals Limited
(ASX:OZL), rising 12.65 per cent to close at $3.83. Shares in Domino's Pizza Enterprises Limited
(ASX:DMP) and Skilled Group Limited
(ASX:SKE) also closed higher.
The worst performing stock was Goodman Fielder Limited
(ASX:GFF), dropping 7.35 per cent to close at $0.63. Shares in EVOLUTION FPO
(ASX:EVN) and Newcrest Mining Limited
(ASX:NCM) also closed well down.
Commodities
Gold is buying $US1,286 an ounce. Light crude is $0.12 down at $US99.94 a barrel. The Australian dollar is buying $US0.9055.
