Aussie shares have nudged up to be slightly higher at noon. Following Wall St slumping on inflation concerns in China and renewed fears over European debt. Locally BHP Billiton Ltd
(ASX:BHP) has lifted after news the global miner will withdraw from its PotashCorp bid and launch a $US4.2 billion share buyback. Commonwealth Bank of Australia
(ASX:CBA) is also higher, the bank today announcing a first quarter cash profit of $1.6 billion.
The S&P/ASX200 index is up 11 points at 4,704 and on the futures market, the SPI200 is up 16.
To company news: James Hardie Industries SE (ASX:JHX) has more than tripled its second half net loss, moving from a loss of $US97.5m last year to a loss of $US318.8 million. The result for the six months to 30 September was negatively impacted by a tax charge of $US345.2 million, following James Hardie losing a court appeal on a tax ruling. The building materials manufacturer warns that the operating environment in the US residential housing market remains challenging and the outlook uncertain. James Hardie will not be paying a dividend in the 2011 financial year. Shares in James Hardie Industries SE have slipped 1.42% to be $5.57 at noon.
Elders Ltd (ASX:ELD) has narrowed its net loss for the year to 30 September, rising from a loss of $432.7 million last year to a loss of $217.6 million in 2010. The result reflects $166.5 million of non-recurring items concerning impairments and write-downs connected to Elders’ Forestry business. The rural services provider says the earnings improvement was in line with guidance and achieved through a reduction in net underlying interest. Elders confirms it is in on track for a lift in performance, forecasting net profit of between $15 million to $30 million in the year to 30 September 2011. Shares in Elders are 1.61% higher at $0.63 at midday.
Market indices: The best performing sector at noon is Industrials, with the index up 42 points to 3,768. Shares in Brambles are up 5.82% at $6.91. Shares in Hastie Group and Ausenco are also higher. The worst performing sector at midday is Financials Excluding Real Estate Investment Trusts with the index flat at 839. Commonwealth Property Office Fund is down 5.85% at $0.845. Charter Hall Retail and Westfield Group have also dropped at noon.
To New Zealand: The NZSX50 is down 1 point. Taking a look at the top 4 stocks by turnover, Telecom of New Zealand is at the top of the list with stock up 1.38% at $2.21 followed by; Guinness Peat Group, Fisher and Paykel Healthcare and Fletcher Building.
To gold and the dollar: Gold is trading at $US1375 an ounce and the Aussie dollar is buying $US98.95 cents.
