The local share market is higher at midday, a jump in commodities helping to lift resource stocks. Despite a cautious outlook, BHP shares gained on better than expected half-year results.
The S&P/ASX200 index is 43 points higher at 4,548 and on the futures market the SPI200’s up 39 points. In economic news: According to figures released by the ABS, housing finance fell 5.5% in December, and the Wespac/Melbourne Institute index of consumer sentiment dropped 2.6% in February to a read of 117.
In company news: Suncorp-Metway Ltd (ASX:SUN) expects to post a profit of between $355 and $375 million for the first half of the 2010 financial year – close to 40% higher than the same period a year ago. The company says the improved forecast result is thanks primarily to its General Insurance business, which picked up as a result of better weather conditions and enhanced returns from the investment portfolios. The company will release its results on February 24. Shares in Suncorp-Metway Ltd gained 1.9% to $9.11.
Share registry Computershare Ltd (ASX:CPU) has reported a 29.8% jump in first-half profit to US$169.9 million. The company is predicting earnings per share growth for the 2010 financial year of between 10 and 15%. Revenue rose 3% to $800.8 million, largely due to contributions from the US bankruptcy administration business the company acquired during the period, as well as IPOs in the Hong Kong market. Shares in Computershare Ltd fell 0.59% to $11.88.
Turning now to market indices: The majority of sectors are in positive territory at midday, however the sector with the biggest gain is the Materials index, up 249 points at 11,882. Shares in Perseus Mining rose 2.53% to $1.62. Shares in Sandfire Resources and Aquarius Platinum are also higher.The only sector in the red at midday is the Financials excluding the Real Estate Investment Trust index, down 19 points to 5,176. Shares in ANZ Bank fell 2.04% to $20.15. While shares in National Australia Bank and Commonwealth Bank of Australia are also lower at noon.
Looking to New Zealand and the NZSX50 is 14 points higher.
Taking a look at the top 5 stocks by turnover: Top of the list is Auckland International Airport, stock steady at $1.87 followed by: Telecom of New Zealand, ANZ Bank, Fisher & Paykel Healthcare Corporation and Fisher & Paykel Appliances Holdings.
To gold and the dollar: Gold is trading at US$1,077.70 an ounce and the Aussie dollar is trading at 87.84 US cents.
