Australian shares have risen at midday, lifted by upbeat economic data from the U.S. and gains in Westfield Group after it reported a 12 per cent rise in operating profit today.
The S&P/ASX200 index is up 46 points at 4,452 and on the futures market the SPI 200’s up 41 points.
In economic news: The ABS reports that construction work for the second quarter fell 0.1 per cent from the previous quarter. But was up 5.4 per cent compared to the same period a year ago.
To business news at midday: James Packer’s Consolidated Media Holding Ltd (ASX:CMJ) has sold its stake in online job classifieds company Seek Ltd (ASX:SEK) at $5.05 a share. Cons Media says it expects to receive gross proceeds of $440.6 million from the sale. James Packer and John Alexander have resigned from the Seek board. Shares in Consolidated Media Holding rose 10.92 per cent to $3.25 and shares in Seek lost 1.87 per cent to $5.25.
Seven Network Ltd (ASX:SEV) has announced a 91.2 per cent drop in full year earnings due to a write-down of its investments. Net profit for the 12 months to June 30 came to $12.5 million, down from $141.6 million recorded the year before. The result was impacted by $98.1 million in significant items, including a write down of its investment in Seven Media Group to zero. Seven declared a final dividend of 17 cents a share. Shares in Seven Network gained 0.78 per cent to $6.47.
Turning now to market indices: Majority of sectors are in positive territory at midday, however the sector with the biggest gain is the Real Estate Investment Trust index up 23 points to 846. Shares in Mirvac Group up 4.38 per cent at $1.31. Shares in Stockland and Westfield Group are also stronger at noon.
The sector at midday with the smallest gain is the Industrials index, up 6 points at 3,614. Shares in Toll Holdings down 2.98 per cent to $7.17. Shares in Asciano Group and Seek are also lower.
Looking to New Zealand and the NZSX50 is 8 points higher. Taking a look at the top five stocks by value on the NZSX50: at the top is AMP, shares up 4.22 per cent at $7.90, followed by Telecom of New Zealand, Fletcher Building, APN News & Media and Sky Network Television.
To gold and the dollar: Gold is currently trading at $947.60 US an ounce and the Aussie dollar is trading at 83.47 US cents.
