Following positive offshore leads, the Australian share market is up 0.3 per cent at noon, weighed down by the retailers. The country’s big four banks are all making gains. National Australia Bank has lifted over 2 per cent, after it beat forecasts to report an 18 per cent increase in first quarter cash earnings.
The S&P/ASX200 index has gained 16 points and is 4,885 at noon. On the futures market the SPI up 13 points.
Company news: Incitec Pivot Ltd (ASX:IPL) has warned that it will suffer a $36 million hit to its pre-tax earnings this financial year, as a result of recent severe weather conditions. The fertiliser and explosives manufacturer says the impact of Cyclone Yasi resulted in lost production at the Phosphate Hill fertiliser plant and Mount Isa acid plant, though both have now returned to operation. In addition, Incitec says that two months of flooding in Queensland, New South Wales and Victoria have impacted the sales of explosives and fertilisers. Shares in Incitec Pivot are 1.11 per cent down and noon and trading at $4.47.
Brambles Ltd (ASX:BXB) has announced that it has bought a US-based container company, Container and Pool Solutions, for $16.4 million. The logistics company and pallets supplier says the acquisition will grow its pooling business, strengthen its operations in North America and, in the longer term, support Brambles global network. CEO Tom Gorman says Container and Pool Solutions has delivered 14 per cent compound annual sales revenue growth over the past six years and has a strong sales pipeline. Shares in Brambles have slipped 0.27 per cent and are trading at $7.28 at noon.
Market indices: The best performing sector is Financial Excluding Real Estate Investment Trusts with the index rising 47 points to 5,327. Shares in National Australia Bank have added 2.76 per cent to $25.69. Shares in Bank of Queensland and Henderson Group are also higher at midday. The worst performing sector is Consumer Discretionary, falling 13 points to 1,528. Shares in Ama Group have fallen 3.7 per cent and are $0.13. Shares in David Jones and Flight Centre are also in the red at noon.
To New Zealand: The NZSX50 is steady. Taking a look at the top 4 stocks by turnover, Telecom of New Zealand is at the top of the list with stock is down 2.26% to $2.16; followed by Fletcher Building, Restaurant Brands and AMP.
Gold and the dollar: Gold is trading at $US1,350 an ounce. The Aussie dollar is buying $US1.0134.
