The Australian stock market has risen slightly higher today following a three-day string in the red. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up just 0.1% at 5,774 points and is being buoyed by some of Australia's biggest and best companies.
CSL Limited (ASX: CSL), for instance, has risen 2.9% after the biopharmaceutical stock plummeted almost 8% yesterday, suggesting it may have been oversold. Although the company reported a 7.2% increase in net profit on the back of a 5.6% lift in revenues, it cautioned that its full-year earnings growth may be impacted by rising levels of competition. The stock is now trading at $85.37 after sinking as low as $81.48 yesterday.
Rio Tinto Limited (ASX: RIO) has lifted 1.4% ahead of the release of its earnings report this afternoon, defying a slight retreat in the iron ore price overnight. The company flagged more cost cutting in its iron ore division which could come in the form of wage changes, continued hiring freezes and service contract reviews, as reported by the ABC. The miner already maintains one of the lowest breakeven prices in the industry but further reductions to costs would help ease cash flow pressure.
Transurban Group (ASX: TCL) shares jumped after the toll road operator surprised investors with an improved guidance for its full-year dividend. Although the company reported a net loss for its first half as a result of its acquisition of Queensland Motorways last year, investors were clearly impressed with the company's progress, bidding the shares 0.5% higher to $9.35.
Telstra Corporation Ltd (ASX: TLS) has also recorded a marginal gain after it delivered a blitzing interim earnings report. The telecommunications giant posted a 22.4% increase in net profit to $2.085 billion as well as a 23.4% lift in earnings per share. It left its fully franked dividend unchanged since August at 15 cents per share, although that still compares favourably to its 14.5 cent interim dividend last year. The stock rose as much as 1.4% early in the session but has since retreated to be sitting 0.5% higher for the day.
