Following soft offshore leads, the Australian share market dipped into the red at open but has made a small recovery rising 0.3 per cent led up by Telco services.
The S&P/ASX 200 index is 14 points up at 4,297. On the futures market the SPI is 11 points higher.
Ansell Limited (ASX:ANN) has posted a 6 per cent rise in its full year results to the 30 June and forecast earnings per share growth in the range of 107 and 112 US cents. The company generated a net profit of $130 million. Annual revenue was slightly lower at 0.3 per cent and earnings before interest and tax rose eight per cent to $138.8 million. The medical gloves and condoms maker says emerging markets continue to show growth and account for almost a quarter of its revenue. Shares in Ansell are trading up 3.62 per cent at $14.30.
ANZ Banking Group (ASX:ANZ) is facing the High Court today over its fees. A class action of 38,000 customers claim penalty fees are out of proportion with the actual cost. The action forms part of a wider claim involving eight banks, 170,000 customers and over $200 million in fees. Shares in ANZ are trading down 0.13 per cent at $23.77.
Best and worst performers
The best performing sector is Telco services gaining 23 points to 1,304. Shares in Telstra Corporation Limited (ASX:TLS) have risen 1.74 per cent and trading at $3.79. Shares in Telecom Corp of New Zealand and SingTel are also stronger.
The worst performing sector is finacials excluding real estate investment trusts, falling 9 points to 5,038. Shares in National Australia Bank Limited (ASX:NAB) have fallen 1.5 per cent, trading at $24.68. Shares in Commonwealth Bank and QBE Insurance Group are also lower.
Gold and the dollar
Gold is trading at $US1,613 an ounce and the Australian dollar is buying $US1.053.