Midday: Aus shares 0.89 higher at noon

Market Reports

Wall Street’s second weekly gain in Friday’s session helped get the local share market off on the right foot on this Monday. The local bourse has held onto an early rally as banks and the miners continue to lead the Australian share market higher, sitting 0.89 per cent up at noon. With reporting season wrapping up, attention now turns to a slew of US economic data scheduled this week, alongside a meeting of the Reserve Bank tomorrow.
 
The S&P/ASX 200 index is 39 points up at 4,919. On the futures market the SPI is 44 points higher. 
 
Company news
 
Cash Converters International Limited (ASX:CCV) has unveiled a new strategy following a return to profit. The lender reported a $15.8 million profit in the six months to 31 December 2015, following a loss of $5.3 million a year earlier. Managing Director Peter Cumins said the results confirm the company’s strength in Australia, as Cash Converters outlined plans to reduce its UK operations to focus on its Australian network. Shares in Cash Converters are trading up 5.15 per cent at $0.51. 
 
Boart Longyear Limited (ASX:BLY) has reported a full year loss of $US326.3 million for 2015. The drilling services company cited lower commodity prices and unfavourable currency movements. The company also announced the appointment of CFO Jeff Olsen as President and Chief Executive Officer effective 1 March 2016. Boart Longyear will not pay a dividend. Shares in Boart Longyear are trading up 1.49 per cent at $0.07. 

Best and worst performers
 
The best performing sector is Energy, gaining 1.6 per cent to 7,515. Shares in Worley Parsons have risen 7.77 per cent and trading at $4.16. Shares in LNG and Origin Energy are also stronger. 
 
The sector with the least gains is Staples, gaining 0.1 per cent to 8,327. Shares in Select Group have fallen 4.09 per cent, trading at $4.45. Shares in Tassal Group and Wesfarmers are also lower. 

Gold and the dollar
 
Gold is trading at $US1,222 an ounce.
The Australian dollar is buying $US0.7118

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