The Australian share market is .3 per cent higher at midday, buoyed by a late rally on Wall street and positive local profit results. Consumer Staples are leading the gains, aided by Woolworths Ltd
(ASX:WOW) announcement today of 10.1 per cent increase in full year net profit of $2.02 billion. The S&P/ASX200 index is up 13 points at 4,333 and on the futures market, the SPI200 is up 14.
To company news: Toll Holdings Ltd (ASX:TOL) has posted a 3 per cent rise in net profit after tax to $279 million for the year to 30 June. Net profit after tax before non-recurring items was slightly down on the year before to $292.9 million. Managing Director Paul Little says solid momentum has build for the following year, in which Toll expects to generate an additional $400 million in revenue from new contracts. Toll declared a fully franked final dividend of 13.5 cents per share. Shares in Toll Holdings are 2.4% up at $5.97.
AGL Energy Ltd (ASX:AGK) has delivered a 13.2 per cent increase in underlying full year net profit to $428.9 million, and says the cooler winter weather this year will enable continued growth in fiscal 2011. Statutory net profit after tax however dropped 77.7 per cent to $356.1 million. The company’s earnings in fiscal 2009 were boosted by the sale of assets worth $1.43 billion. Managing Director Michael Fraser says while all businesses performed well, the strength of the Retail business underpinned a 13 per cent improvement in profitability. Shares in AGL Energy are 1.25% down at $15.03.
Turning now to market indices: The best performing index Consumer Staples sector, up 188 points to 7,809. Shares in Woolworths are up 4.57% to $28.13. Shares in Metcash and Goodman Fielder also higher at noon. The worst performing index is the Utilities sector, down 51 points to 4,204. Shares in Spark Infrastructure Group dropped 5.6% to $1.18. Shares in SP AusNet and AGL Energy also lower at midday.
To New Zealand now and the NZSX50 is up 20 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock up 0.8% at $7.55 followed by; Telecom of New Zealand, New Zealand Farming Uruguay and AMP.
To gold and the dollar: Gold is trading at US$1239 an ounce and the Aussie dollar is trading at US 88.41 cents.
