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The Australian share market has charged higher in afternoon trade ending 0.37 per cent up as Australian investors digested a slew of earnings reports.
 

The S&P/ASX 200 index closed 21 points up to finish at 5,587.

 

The value of trades was $3.4 billion on volume of 504 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA) BHP Billiton Limited (ASX:BHP) and National Australia Bank Limited (ASX:NAB)

 

On the futures market the SPI is 27 points up.

Company news
 

National Australia Bank Limited (ASX:NAB) has increased its cash profit by 7 per cent in the third quarter of the 2014 financial year. The bank generated profit of $1.6 billion while revenue dipped 1 per cent over the June quarter. The bank is still facing troubles in the face of misconduct issues in the UK and CEO Andrew Thorburn flagged provisions of up to $305 million would be needed at the full year result in relation to interest rate hedging products. Shares in National Australia Bank shed 1.35 per cent to $34.22.

 

Stockland Limited (ASX:SGP) has increased its earnings per share guidance after reporting a full year profit rise. On an underlying basis the net profit gained 12 per cent to $555 million as underlying earnings grew 7 per cent to 24 cents. 

Managing Director and CEO Mark Steinert says the solid performance reflects the company’s growth strategy as well as positive residential market conditions. Looking ahead Stockland expects earnings per share to improve by between 6 and 7.5 per cent in the current 2015 financial year. Shares in Stockland closed 0.72 per cent up at $4.17. 

 

Aurizon Holdings Limited (ASX:AZJ) has affirmed its commitment to significant operational reforms after reporting a 43 per cent drop in full year profit. 

 

Sydney Airport (ASX:SYD) has entered into a formal consultation process with the Australian Government on the $2.5 billion development of a second airport at Badgery’s Creek in western Sydney. 

 

Rio Tinto Limited (ASX:RIO) is considering its options in a majority stake of Bougainville Copper Limited (ASX:BCL). The PNG-based subsidiary has recently been stripped of all its mining and exploration licences by the Bougainville Autonomous Government. 

 

And Ansell Limited (ASX:ANN) reported a 70 per cent drop in full year net profit on the back of US$125 million in write downs and a major business restructure.  

Best and worst performers

The best performing sector was health adding 1 per cent to close at 15,008. All sectors were positive however the sector with the least gains was financials excluding real estate investment trusts, gaining 0.2 per cent to close at 7,246 points.
 

The best performing stock in the S&P/ASX 200 was Ansell, rising 4.32 per cent to close at $19.81. Shares in Cabcharge and Ardent Leisure also closed higher.

 

The worst performing stock was Southern Cross Media, dropping 5.11 per cent to close at $1.11. Shares in GUD Holdings and CSR also closed lower. 

 

Commodities

Gold is trading at $US1,302 an ounce. Light crude is $1.77 up at $US97.35 a barrel. The Australian dollar is buying 93.26 US cents.