The Australian share market finished just slightly higher in line with regional markets after Wall Street paused on Monday for the Presidents Day holiday.
BHP Billiton Limited’s
(ASX:BHP) bumper profit led the mining sector higher and supported the broader bourse from the open, while gold stocks dragged after the precious metal price weakened. Disappointing profit results and consequent stock drops from Pacific Brands Limited
(ASX:PBG), Coca-Cola Amatil Limited
(ASX:CCL) and Amcor Limited
(ASX:AMC) also weighed on sentiment.
The Reserve Bank of Australia’s meeting minutes left the benchmark broadly unchanged after the central bank suggested local interest rates could be set for a period of stability. The Australian dollar remained strong above $US0.90, edging toward the year’s high of $US0.9054.
Figures
The S&P/ASX 200 index added 9.9 points to finish at 5,393.
The value of trades was $4.4 billion on volume of 707 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 11 points higher.
Company news
The world's largest mining company BHP Billiton Limited
(ASX:BHP) has reported a better than expected first half profit result and lifted its dividend by 3 per cent. The mining giant’s interim net profit rose 83 per cent to $US8.1 billion in the last six months of 2013 while its underlying profit gained 31 per cent to $US7.8 billion. BHP’s result was aided by growth in its iron ore, coal and petroleum businesses in the same period the company achieved 10 per cent production growth and records across three commodities and 10 operations. Shares in BHP Billiton gained 2.29 per cent to close at $38.89.
Coca-Cola Amatil Limited’s
(ASX:CCL) plunging full year profit pushed the soft drink giant's shares to a 2.5 year low today. The beverage manufacturer says its annual net profit fell 83 per cent to $80 million following a $404 million write-down on its struggling fruit cannery SPC Ardmona. Underlying net profit fell 9.6 per cent while revenue dipped just 1.2 per cent to $5 billion over the 2013 calendar year. Shares in Coca-Cola Amatil retreated 5.32 per cent to close at $11.22.
Shares in Pacific Brands Limited
(ASX:PBG) dropped 9.03 per cent after the clothing manufacturer revealed a $252 million write-down, booked a first half a net loss after tax of $219 million and cut its dividend payout ratio.
Shares in Seven West Media Limited
(ASX:SWM) fell 1.83 per cent after the media group forecast its full year profit will grow at low single digits despite rebounding to a profit in the first half.
Shares in Cardno Limited
(ASX:CDD) added 0.31 per cent after the mining services provider improved its net profit by 7.4 per cent and lifted its dividend by 5.6 per cent.
Shares in Macmahon Holdings Limited
(ASX:MAH) gained 12 per cent after the mining services provider rebounded to a profit, reported a $19.4 million first half result and flagged improved returns for shareholders.
Best and worst performers
The best performing sector was materials, adding 107 points to close at 10,700.
The worst performing sector was energy, losing 61 points to close at 13,734 points.
The best performing stock in the S&P/ASX 200 was Monadelphous Group Limited
(ASX:MND) after improving its first half profits, rising 9.69 per cent to close at $17.10. Shares in Karoon Gas Australia Limited
(ASX:KAR) and NRW Holdings Limited
(ASX:NWH) also closed higher.
The worst performing stock was Pacific Brands Limited
(ASX:PBG), dropping 9.03 per cent to close at $0.66. Shares in GWA Group Limited
(ASX:GWA) and Silver Lake Resources Limited
(ASX:SLR) also closed lower.
Commodities
Gold is buying $US1,322 an ounce.
Light crude is $0.62 higher at $US100.92 a barrel.
Currency
The Australian dollar is buying $US0.9039.
