The Australian market closed slightly higher as gains from mining giant BHP Billiton’s strong profit results were dragged down by more disappointing results from other companies.
CMC Markets chief analyst Ric Spooner said BHP Billiton’s half yearly 83 per cent profit hike would have dragged the market much higher on most other days.
However, disappointing results from some other companies in Tuesday, particularly by beverage producer and distributor Coca-Cola Amatil, had dragged the market back down.
“It was a bit disappointing given the BHP Billiton results was so good,” he said.
“It might otherwise have been more supportive of the market but a lot of results today weighed it down.”
BHP Billiton’s shares gained 87 cents, or 2.29 per cent, to $38.89 after it announced it had delivered higher profits on lower costs.
The result also boosted the rest of the materials sector with Rio Tinto gaining $1.34, or 1.93 per cent, to $70.88 and Fortescue jumping 16 cents, or 2.75 per cent, to $5.98.
Coca-Cola Amatil closed 63 cents, or 5.32 per cent, to $11.22 lower after its full year profit dived 83 per cent to $79.9 million.
Despite returning to profitability television, magazine and newspaper company Seven West Media shares also fell, losing four cents, or 1.8 per cent, to $2.14.
Port and rail operator Asciano’s shares fell two cents, or 0.35 per cent, to $5.74 after it announced it would cut dozens of jobs after upgrading profit targets due to growth in its Pacific National Coal division.
The major banks closed mixed.
Commonwealth Bank added 18 cents, or 0.24 per cent, to $74.53, National Australia Bank jumped 29 cents, or 0.83 per cent, to $35.04 and ANZ gained two cents, or 0.06 per cent, to $31.64.
But Westpac fell five cents, or 0.15 per cent, to $32.86.
KEY FACTS
* At close on Tuesday, the benchmark S&P/ASX200 index was up 9.9 points, or 0.18 per cent, at 5,392.8 points.
* The broader All Ordinaries index was up 7.4 points, or 0.14 per cent, at 5,402.2 points.
* The March share price index futures contract was up 18 points at 5,363 points, with 20,789 contracts traded.
* National turnover was 1.6 billion securities worth $4.2 billion.