Australian Stock Market Report – Afternoon 2/21/14
By Juliette Saly, CommSec Market Analyst | February 21, 2014 5:50 PM EST
The Australian share market rose for a sixth straight session today, thanks to a strong lead from Wall Street and generally upbeat earnings results.
The All Ordinaries Index (XAO) finished higher by 28.1 points or 0.5 per cent to 5449.4.
A man is reflected in a window as he walks past the indicator boards at the Australian Stock Exchange in Sydney August 11, 2011.
In company news, insurer IAG limited (IAG) lifted its first half profit by almost 40 per cent to $642 million, despite a decline in its margins due to higher than expected claims. The result was skewed by a $182 million loss relating to the company's discontinued UK business in the prior half. Shareholders will receive an interim dividend of 13c per share. IAG rose 0.5 per cent today to $5.55.
Gaming and entertainment company Crown Resorts Limited (CWN) disappointed with its first half normalised profit of $315 million. Reported NPAT rose 111.6% to $382.5 million, with that result underpinned by strength from its Macau business. Weak consumer sentiment saw revenue at Crown Melbourne fall by more than 9 per cent. CWN shares fell 3.2 per cent today to $16.68.
Iluka Resources (ILU) saw its annual profit fall sharply as it wrote down a number of idle operations. ILU shares rose 1.6 per cent today to $9.37.
Troubled surfwear retailer Billabong (BBG) posted another loss of $126 million for the half, an improvement on last year's $537 deficit. BBG shares rose 1.4 per cent to 74c.
Santos (STO) disappointed with its result, sending its shares down almost 5 per cent. The energy company saw a 17 per cent drop in full year underlying profit to $504 million. The company will pay a final dividend of 15 cents per share.
On the market overall, a total of 1.9 billion shares changed hands, worth $5.5 billion. 553 shares closed higher, 413 were lower and 364 were unchanged.
At 4.30pm AEDT the SFE 200 Futures Index was at 5413, up 32 points.
Ahead tonight, existing home sales data is released in the US.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- The Pirate Bay Founder Gottfrid Svartholm Clears That Fredrik Neij And Peter Sunde Are Not TPB Founders
- [In Pictures] Police Fire As Protest Turns Into ‘Riot’ After Grand Jury Decision on Ferguson Shooting
- ‘The Walking Dead’ Season 5, Episode 8 Spoilers: Daryl Dixon Is Set To Burn The Place Down in ‘Coda’
Join the Conversation
- While Australian Miners Declare End of Massive Expansion of Iron Ore, Gina Rinehart Bucks Trend & Starts Export From New Mine
- Australian Stock Market Report – Midday November 25, 2014
- Australian Stock Market Report – Morning November 25, 2014
- Australian Stock Market Report – Afternoon November 24, 2014
- Global Markets Overview – November 25, 2014
- Kobani ISIS Fighter Sends Out Desperate Message For Prayers And Support: Euphoria Turns Into Desperation As Kurds Advance
- Chris Algieri’s Battered Face Trends On Social Media
- Home Depot Early Black Friday 2014 Sale Up To Nov. 29, 2014 Includes Special Buys On Appliances Such As Samsung Refrigerators, Whirlpool Electric Ranges And Hoover Vacuum Cleaners
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- Black Friday Sale 2014 Deals From Amazon On Smartphones, TVs, Headsets And More
- Andrew Robb Asks Obama Not to ‘Lecture’ Australia on Climate Change
- Highest Paid NBA Players 2014: NBA Stars Who Earn More Than LeBron James