The Australian share market regained its momentum today with strong earnings results pushing the market 0.6 per cent up at the close of trade.
Telstra shares pushed to a 12 year high on the back of a strong profit result and an increased final dividend.
The S&P/ASX 200 index closed 34 points up to finish at 5,549.
The value of trades was $4.9 billion on volume of 717 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited
(ASX:TLS) CSL Limited
(ASX:CSL) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 34 points up.
Company news
Telstra Corporation
(ASX:TLS) has boosted its annual profit by more than expected, hiked its dividend and revealed a share buy-back.
Australia’s biggest telco’s net profit after tax rose 14.6 per cent to $4.3 billion in the 2014 financial year. Telstra closed 2.21 per cent up at $5.56
AWE Limited
(ASX:AWE) has acquired a 40 per cent interest in block 09/05 in the Bohai Basin in China.
Under the farm-in agreement AWE will initially pay a wholly owned subsidiary of ROC Oil Limited $US2 million and then pay sliding percentage rates on two subsequent exploration wells. The company says the first exploration well was spudded today. Shares in AWE closed 1.76 per cent up at $1.73.
Fairfax Media Limited
(ASX:FXJ) has rebounded to a profit in the 2014 financial year
posting a net profit of $224.4 million.
Goodman Group
(ASX:GMG) has lifted its net and operating profit in the 2014 financial year and forecast earnings growth in the year ahead.
DEXUS Property Group
(ASX:DXS) has reported a net profit fall for the last financial year, dropping 21 per cent to $406.6 million.
Crown Resorts Limited
(ASX:CWN) has reported a better than expected annual net profit rise of 66 per cent, up to $655.8 million.
Best and worst performers
The best performing sector was health care adding 2.9 per cent to close at 14,870. The worst performing sector was materials, losing 0.2 per cent to close at 10,235 points.
The best performing stock in the S&P/ASX 200 was Fairfax Media Limited
(ASX:FXJ), rising 6.21 per cent to close at $0.94. Shares in Crown Resorts Limited
(ASX:CWN) and McMillan Shakespeare Limited
(ASX:MMS) also closed higher.
The worst performing stock was STW Communications Group Limited
(ASX:SGN), dropping 7.85 per cent to close at $1.35. Shares in Mineral Resources Limited
(ASX:MIN) and Echo Entertainment Group Limited
(ASX:EGP) also closed lower.
IPO Barrack St Investments Limited
(ASX:BST) started trading today. The investment company listed with an issue price of $1.00, opened at $1.05 and a closed at $1.05
Commodities
Gold is trading at $US1,312 an ounce.
Light crude is $0.22 up at $US97.59 a barrel.
The Australian dollar is buying $US0.9296
