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AFTERNOON REPORT
(5pm AEDT)

Local stocks have closed at fresh 14 month highs again today, despite a shaky start on the back of falls on Wall Street. The NASDAQ closed down 1pct after Google shares plummeted on a profit downgrade. The All Ordinaries Index (XAO) hit an intra-day low of 4561.6pts, but managed to recover in late trade, finishing higher by 12.6pts or 0.3pct to 4593.5.

Financial stocks were the weakest link, with the National Australia Bank (NAB) delivering a profit warning due to weakness in its UK division. NAB has raised its bad debt provisions to $250 million, meaning there will be a negative impact on its full year fiscal result. For the September quarter, the NAB announced group earnings of $1.4 billion. NAB shares today fell 2.7pct to $26.22 while Westpac ( WBC ) was weaker by 1.5pct to $25.56 and the Commonwealth Bank ( CBA ) was off 0.4pct to $56.84. Shares in the ANZ Bank (ANZ) fell 1.1pct to $25.66 and Macquarie Group (MQG) was higher by 2pct to $31.31.

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