The Australian share market has traded mostly flat today but with a slight push into the green this afternoon it closed 0.19 per cent up to continue the week’s gains. BHP Billiton was a drag on the market with its share price closing in the red .
Meanwhile Reserve bank Governor Glenn Stevens spoke in Parliament today saying the RBA wouldn’t be shifting rates anytime soon and that it is structural developments that will drive the Australian economy rather than the levers of monetary policy.
The Australian dollar pushed marginally higher after his presentation but settled below the $US0.93 mark at the close.
The S&P/ASX 200 index closed 11 points up to finish at 5,635.
The value of trades was $5.5 billion on volume of 746 million shares at the close of trade. The top three stocks by value were
On the futures market the SPI is 16 points up.
Company news
BHP Billiton Limited (ASX:BHP, LON:BLT) has unveiled an annual profit jump and plans to create a new $15 billion spin off entity. The global diversified miner’s net profit soared 23 per cent to $13.83 billion in the full 2014 financial year, coming in slightly higher than analysts had expected. The mining giant has also announced a new entity which is expected to be listed from the first half of next year in Australia with a secondary listing on the Johannesburg Stock Exchange. BHP Billiton closed 3.91 per cent down at $38.13
Wesfarmers Limited
(ASX:WES) has lifted dividend payouts and unveiled plans to return $1.1 billion to shareholders after increasing its annual profit.
The conglomerate saw its net profit surge 19 per cent to $2.689 billion in the full 2014 financial year, exceeding analyst expectations. The result was aided by the sale of its insurance broking and premium funding operations for $1.01 billion. Shares in Wesfarmers closed 3.77 per cent up at $45.66
Woodside Petroleum Limited
(ASX:WPL) has reported a lift in its interim profit on the back of stronger prices and sales volumes.
AGL Energy Limited
(ASX:AGK) has unveiled its annual results. The energy producer’s net profit jumped 52 per cent to $570 million while its underlying profit slipped 3.9 per cent to $562 million.
The Reject Shop Limited
(ASX:TRS) has reported an annual profit drop amid what it describes as an extremely challenging year for Australian retailers.
Coca-Cola Amatil Limited
(ASX:CCL) has reported an interim profit fall and warned full year earnings are expected to drop from the prior year.
Best and worst performers
The best performing sector was consumer staples adding 1.8 per cent to close at 10,424. The worst performing sector was materials, losing 2 per cent to close at 10,335 points.
The best performing stock in the S&P/ASX 200 was QBE Insurance Group Limited
(ASX:QBE), rising 5.6 per cent to close at $11.31. Shares in NRW Holdings Limited
(ASX:NWH) and Amcor Limited
(ASX:AMC) also closed higher.
The worst performing stock was Medusa Mining Limited
(ASX:MML), dropping 6.14 per cent to close at $1.30. Shares in Transpacific Industries Group Limited
(ASX:TPI) and BHP Billiton Limited
(ASX:BHP) also closed lower.
Commodities
Gold is trading at $US1,296 an ounce.
Light crude is $1.93 down at $US94.48 a barrel.
The Australian dollar is buying $US0.9293.
