Despite weak leads from Wall Street on Friday, the Australian share market opened slightly higher and is currently up 0.3 per cent at noon.
The banks continue to weigh heavily on the market, despite a small bounce in the price of ANZ shares.
The materials space is offering some support with BHP Billiton and Rio Tinto opening slightly higher.
The S&P/ASX 200 index is currently up 16 points to 5,491. On the futures market the SPI is up 18 points.
Economic news
The Australian Bureau of Statistics has released lending data for the month of June. Housing Finance for owner occupation is up 5.5 per cent seasonally adjusted. Personal Finance increased by 1 per cent and Fixed Lending Commitments were up 2.3 per cent.
Company news
Ansell Limited
(ASX:ANN) has posted a strong increase in net profit for the full year to June 2015. The rubber gloves and condom manufacturer recorded net profit of $US187.5 million, an increase of 349 per cent on the previous year. The company will pay an unfranked final dividend of US23 cents per share. Shares in Ansell are trading down 17.49 per cent at $20.42.
JB Hi-Fi Limited
(ASX:JBH) has recorded a jump in net profit for the year to June 30, exceeding market expectations. Net profit came in at $136.5 million, a more than 6 per cent increase on last year’s figure of $128.4 million. The company will pay a fully franked dividend of 31 cents on September 11. Shares in JB Hi-Fi are trading up 8.52 per cent at $21.28.
Best and worst performers
The best performing sector is Consumer Discretionaries, gaining 1.1 per cent to 1,894. Shares in JB Hi-Fi have risen 8.52 per cent and trading at $21.28. Shares in G8 Education and Myer Holdings are also stronger.
The worst performing sector is Healthcare, falling 0.8 per cent to 19,048. Shares in Ansell have fallen 17.49 per cent, trading at $20.42. Shares in Sirtex Medical and Resmed are also lower.
Gold and the dollar
Gold is trading at $US1,092 an ounce. The Australian dollar is buying US73.99 cents.
