The local share market is higher at midday, despite a flat lead from Wall St and falls on European markets overnight. Gold miners are helping to support the market after the price of gold reached a record high.
The S&P/ASX200 index is up 20 points at 4,805 and on the futures market the SPI 200’s up 17 points.
Making headlines at midday: Electronics retailer JB Hi-Fi Ltd (ASX:JBH) says it expects sales to grow by 20 per cent in fiscal 2009 to around $2.9 billion. JB Hi-Fi says it remains confident that it will meet market expectations. The company says that while the economic outlook remains unclear, it is encouraged by recent signs the Australian economy and consumers are feeling more confident than this time last year. JB says sales for the first quarter of financial year 2010 continues to be in line with internal expectations and comparable store sales are up 8.4 per cent for the quarter. JB Hi-Fi shares gained 2 per cent to $18.87.
Biopharmaceutical company CSL Ltd (ASX:CSL) says due to the growing success of the company overseas it has decided not to frank its interim dividend as a result. The company says for the 2009/2010 fiscal year, it expects to report net profit after tax of between $1.16 billion and $1.26 billion at 2008/2009 exchange rates. However the company says if currency rates on October 9 2009 were to apply for the balance of the fiscal year net profit after tax would be more in the order of $970 million to $1.070 billion. CSL says it is trading line with expectations at the end of the first quarter of the current financial year. CSL shares rose 1.17 per cent to $32.25.
Turning now to market indices: Majority of sectors are in positive territory at midday however the sector with the biggest gain is the Health Care index which gained 88 points to 8,496. Shares in Sirtex Medical advanced 2.93 per cent to $5.27. Shares in 1300SMILES and Probiotec are also higher at midday.
The only sector in the red at midday is the Telco Services index, down almost a point at 1,106. Shares in Hutchison Telecommunications lost 4.35 per cent to $0.11. Shares in Enerji and Telstra are also lower.
Looking to New Zealand and the NZSX50 is 15 points higher. Taking a look at the top five stocks by turnover on the NZSX50: top of the list is Abano Healthcare Group, stock down 5.11 per cent at $6.50, followed by Telecom of New Zealand, Fletcher Building, Telstra and South Canterbury Finance.
To gold and the dollar: Gold is trading at $1063.65 US an ounce and the Aussie dollar is trading at 90.75US cents.
