The Australian share market has lifted 0.5 per cent at noon, following a positive lead from Wall St. Aussie shares have been buoyed by the major banks, while the miners are being held back on concerns that China is preparing to hike rates.
The S&P/ASX200 index has risen 14 points to 4,714. On the futures market the SPI is up 21 points.
Company News: Westfield Group (ASX:WDC) says it expects its total operational segment earnings to hit 93 cents per security in the 2011 financial year, comprising of 74.6 cents per security from Westfield Group and 18.5 cents per security from its new entity, Westfield Retail Trust. Chairman Frank Lowy says Westfield is targeting medium to long term earnings growth in excess of six per cent per annum. Shares in Westfield have firmed 1.05 per cent to $12.47 at noon. Shares in The Reject Shop Ltd (ASX:TRS) have fallen on news the discount retailer has downgraded its 2011 financial year profit guidance, blaming disappointing retail conditions since the November interest rate rise. The Reject Shop now expects full year net profit of between $21 million to $22 million. Managing director Chris Bryce said since the rate hike comparable store sales for November and December to date, have been negative, resulting in overall sales being significantly below expectations. Shares in The Reject Shop have dipped 21.06 per cent to $13.49 at midday.
Turning to market indices: Most sectors are trading in the black. The best performing sector is Health Care with the index rising 91 points to 8,885. Shares in Apollo Consolidated have gained 7.69 per cent and are $0.014. Shares in Mesoblast and Starpharma Holdings are also stronger. The worst performing sector at midday is Consumer Discretionary with the index dropping 10 points to 1,502. Shares in The Reject Shop have slumped 21.06 to $13.49, following a full year profit downgrade. Shares in JB Hi-Fi and Harvey Norman have also fallen at midday.
To New Zealand: The NZSX50 is up 1 point. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock easing 0.93 per cent to $2.13; followed Fletcher Building, ANZ and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $US1,382 an ounce and the Aussie dollar is buying 97.84 US cents.
