Australian Stock Market Report – Afternoon 8/14/13

AFTERNOON REPORT
(5pm AEST)

There was a bit of everything for investors today. Some gains, some losses and then the end result - a flat finish.

Overnight US markets rose on hopes the QE3 bond buying program could continue for longer than anticipated after one Federal Reserve President hinted he was not keen to taper in September.

It was a very busy day on the reporting calendar. CBA shares closed lower after earlier hitting an all-time high of $75 a share. Australia's largest company by market capitalisation reported a record $7.8 billion cash profit. Shareholders will receive a fully franked final dividend of $2 per share.

Medical services company Primary Health Care (PRY) reported a near 29 per cent rise in FY net profit to $150.1 million. Total revenue was up 4.6% to $1.46 billion. The result was broadly in line with PRY´s own guidance and market expectations while a final fully franked dividend of 11cps was a positive surprise. PRY shares fell 2.8 per cent to $5.14 today.

The world´s biggest share registry, Computershare (CPU) missed consensus with a 9.2% slump in its full year profit to $157 million. CPU shares fell 6.3 per cent to $9.75.

Construction company Leighton Holdings (LEI) more than tripled its first half profit, however warned that challenges remain in the sector. LEI shares fell 6 per cent today to $16.24.

In economic news, wages rose by 0.7 per cent in the June quarter. Annual growth of wages eased from 3.2 per cent to 2.9 per cent, equal to the slowest growth rate in three and a half years. There hasn't been a slower period of growth since March 2000.

On the market overall, a total of 1.7 billion shares changed hands, worth $5.5 billion. 491 shares were up, 445 were down and 313 were unchanged.

At 4.30pm AEST the SFE 200 Futures Index was at 5120, up 4 points.

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