Banking losses outstrip energy gains on market
Posted
The banking sector's weakness largely outstripped the gains in the energy sector today.
Woodside Petroleum's profits have been given a big lift by higher oil prices with net profit for the first half rising 67 per cent on last year's June half, to just over $1 billion.
The company says it expects stronger production in the second half. Its shares closed 3.4 per cent higher at $58.42.
But there was a muted response on the share market to Rio Tinto's doubling of June half profits from the same period last year to $US6.9 billion.
Its shares fell in early trade, but closed 0.8 per cent higher at $125 while BHP Billiton gained a third of a per cent to $40.89.
Plummeting property values in the United States have delivered a blow to shopping centre owner Westfield's bottom line.
June half profit has fallen more than a third to about $1.3 billion and today Westfield shares lost 3.4 per cent to $16.10.
The timber firm behind embattled Tasmanian pulp mill Gunns has suspended its shares from trade for another week, pending an announcement on a proposed equity offer.
It is expecting to release its full-year results tomorrow.
After the close of trade ANZ announced it plans to raise about $500 million through a share offer which the bank says will form part of its continuing capital management strategy.
Shares in ANZ closed 0.25 per cent lower.
The All Ordinaries index rose just six points to 5,088 and the ASX 200 added four points to 5,011.
About 5:30pm AEST, West Texas crude oil was worth $US116.31 a barrel and spot gold was fetching $US824.95 an ounce.
The Australian dollar nearly hit a one-year low overnight, falling to 85 US cents.
But About 5:30pm AEST it was buying 85.8 US cents, 46.62 UK pence, 93.75 Japanese Yen and 58.45 euro cents.
