Strong leads from Wall Street offered support to the local bourse this morning which is up 0.2 per cent at midday.
There was some weakness early in the morning as a mix of full year results led the trading direction. But QBE gained this morning on its profit result, while Sydney Airport disappointed investors and pushed into the red.
Energy stocks were also a drag on the market this morning as the oil price heads lower once again.
The S&P/ASX 200 index is 11 points up at 5,378. On the futures market the SPI is 33 points higher.
Company news
Shares in GPT Group
(ASX:GPT) were buoyed today by a solid first half profit figure which was up by 75 per cent to almost $422 million. The result comes a month before CEO Michael Cameron leaves the role to take the reins at Suncorp. The company says earnings per security were up 6.7 per cent with CFO Mark Fookes confident, citing the company’s gearing at 26.6 per cent as a sign of strength in the company’s balance sheet. Shares in GPT are trading up 0.75 per cent at $4.67
Shares in Cardno Limited
(ASX:CDD) have dipped as it reports a full year loss of $145 million, a reversal from last year’s $78 million profit. The result includes a non-cash impairment of $195.5 million on its business in the US. CEO of the mining and environmental services company John Marlay says the 2015 has been a challenging year and that they are not satisfied with the results. Shares in Cardno are trading down 5.76 per cent at $2.62
Best and worst performers The best performing sector is industrials, gaining 1.06 per cent to 4,713. Shares in Monadelphous Group Limited
(ASX:MND) have risen 8.41 per cent and trading at $7.86. Shares in Asciano Limited
(ASX:AIO) and Bradken Limited
(ASX:BKN) are also stronger.
The worst performing sector is energy, falling 1.1 per cent to 9,573. Shares in AWE Limited
(ASX:AWE) have fallen 6.64 per cent, trading at $0.98. Shares in Senex Energy Limited
(ASX:SXY) and Karoon Gas Australia Limited
(ASX:KAR) are also lower.
Gold and the dollar
Gold is trading at $US1,119 an ounce.
The Australian dollar is buying $US0.7380
