The Australian share market is higher at midday, following two days of declines, lead higher by the banks like investment bank Macquarie Group and following Qantas’ upbeat outlook.
The S&P/ASX200 index is up 34 points at 4,416 and on the futures market the SPI 200’s up 28 points.
In economic news: the Westpac Melbourne Institute leading index of economic activity improved to a read of minus 3.3 per cent in June, compared to a read of minus 5.3 per cent in May.
To business news at midday: Oil and gas producer Woodside Petroleum Ltd (ASX:WPL) has posted a 12 per cent drop in first half net profit to $898 million compared to just over $1 billion in the first half of 2008. Production rose 10 per cent to 40.1 million barrels of oil equivalent, while revenue fell 21 per cent to $2.028 billion largely due to weaker commodity prices. Woodside says it expects stronger production in the second half of 2009 and left its 2009 production guidance unchanged at 81 - 86 million barrels of oil equivalent. Woodside declared an interim dividend of 55 cents a share. Woodside Petroleum shares gained 4 per cent to $44.43.
Origin Energy Ltd (ASX:ORG) has reported a massive jump in net profit for the 2009 fiscal year to $6.9 billion, up from $517 million the year before. The result includes a gain of $6.7 billion from the investment of ConocoPhillips in the two companies Australia Pacific LNG joint venture. Underlying net profit rose 20 per cent to $530 million for the 12 months to June 30, compared $443 million a year ago.Managing director Grant King says based on current market conditions, Origin expects underlying profit for the 2010 financial year to be around 15 per cent higher than the year before. Origin Energy declared a final dividend of 25 cents a share. Origin Energy shares fell 0.47 per cent to $14.93.
Turning now to market indices: The best performing sector at midday is the Energy index up 314 points to 15,380. Shares in Eastern Star Gas up 6.19 per cent at $1.115. Shares in WorleyParsons and Centennial Coal are also stronger at noon.
One of the worst performing sectors at midday is the Health Care index, down 5 points at 8,592. Shares in IDT Australia down 9.69 per cent to $1.445. Shares in Cochlear and the ResMed are also lower at noon.
Looking to New Zealand and the NZSX50 is 18 points higher. Taking a look at the top five stocks by value on the NZSX50: Fletcher Building tops the list, stock up 1.28 per cent at $7.90, followed by Telecom of New Zealand, Sky City, Freightways and ANZ.
To gold and the dollar: Gold is currently trading at $941.55 US an ounce and the Aussie dollar is trading at 82.7 US cents.
