It has been a stellar start to the trading session for the local share market, opening in the black and continuing to gain momentum throughout the session, tracking 0.84 per cent higher at noon. The financials space is leading the charge this session, with gains in all of the banks, with CBA the star performer gaining more than 2.2 per cent after releasing some impressive profit results.
The S&P/ASX 200 index is 49 points up at 5,804. On the futures market the SPI is 49 points higher.
Economic newsConsumer confidence in Australia has experienced a bounce for the month of February, according to the latest Westpac Melbourne Institute survey. Consumer confidence jumped 2.3 per cent for the month, compared to a 0.1 per cent increase in January.
Company newsCSL Limited
(ASX:CSL) has reported a 12 per cent increase in net profit for H1 of 2017 to US$806 million. The figure was slightly ahead of the company’s previous guidance put out in January. Revenue also beat expectations, coming in at $US3.7 billion. CSL cited competitor supply problems in the blood products space as a reason for the increase in its earnings. Shares in CSL are trading up 1.05 per cent at $115.87.
Seven West Media
(ASX:SWM) has experienced a more than 90 per cent drop in profit for H1 2017, due to a number of write downs. Half year net profit came in at around $12.39 million, compared to $135.2 million in the previous corresponding period. Revenue for the period came in at $903.3 million compared to $895.7 million for the same time last year. The company declared an interim dividend of 2 cents per share. Shares in Seven West Media are trading down 6.41 per cent at $0.73.
Best and worst performersThe best performing sector is Financials excluding REITs, gaining 1.6 per cent to 7,412. Shares in Commonwealth Bank
(ASX:CBA) have risen 2.17 per cent and trading at $84.42. Shares in National Australia Bank
(ASX:NAB) and Credit Corp
(ASX:CCP) are also stronger.
The worst performing sector is Telcos, falling 0.3 per cent to 1,806. Shares in Vocus Communications
(ASX:VOC) have fallen 1.17 per cent, trading at $4.22. Shares in Telstra
(ASX:TLS) are lower and TPG Telecom
(ASX:TPM) are higher.
Gold and the dollarGold is trading at $US1,226 an ounce.
The Australian dollar is buying $US0.7659.
