Aussie shares are almost 2% higher at midday, buoyed by stronger metals prices and a positive finish on Wall Street overnight.
The S&P/ASX200 index is up 77 points at 4,452 and on the futures market, the SPI200 is up 81. To company news: David Jones Ltd (ASX:DJS) has awarded a three year advertising contract to M&C Saatchi Agency Pty Ltd, after 14 years with the Saatchi & Saatchi agency. The retailer says the new appointment was made as part of a cost and risk minimisation program following a five-month tender process. DJ’s says it has secured key creative talent, directly employing Andrew Henderson as general manager of creative direction. CEO Paul Zahra says the tender is an example of David Jones cost efficiencies that ensure the company generates sustainable savings. Shares in David Jones are up 2.39% at $4.72
Allied Brands Ltd (ASX:ABQ) has downgraded its profit guidance for the second time in six weeks. The food and retail franchise operator says it expects write downs between $30 - $32 million, well above the $13 - $15 million initially forecast in June. Allied Brands says it expects to breakeven for the year, down on previously reported underlying profit guidance of $5 million. Shares Allied Brands in are down 15.22% to almost four cents. Turning now to market indices: Most indices are in the black today. The best performing index is the Financials Excluding Real Estate Investment Trust sector, up 111 points to 5,006. Shares in Commonwealth Bank are 2.68% higher at $51.26. Shares in Westpac Banking Corporation and ANZ Banking Group are also higher at noon.
The worst performing index is the Telco Services sector, flat at 1,087. Shares in Energi dropped 3.33% to almost three cents. Shares in BigAir Group and Singapore Telecommunications are also lower at noon.
To New Zealand now and the NZSX50 is up 16 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock up 0.39% at $7.67 followed by; Telstra, Telecom of New Zealand and ANZ.
To gold and the dollar: Gold is trading at US$1,195.15 an ounce and the Aussie dollar is trading at 89.17 US cents.
