The Australian share market has risen 0.9 at noon. All sectors are in positive territory following strong offshore leads after Egypt’s president resigned easing tension in the Middle East . The miners have advanced with both BHP and Rio up, while insurer IAG has slumped on an earnings downgrade.
The S&P/ASX200 indexhas lifted 43 points and is 4,924 at noon. On the futures market the SPI up 53 points.
Company news: Leighton Holdings Ltd
(ASX:LEI) has forecast its full 2011 financial year net profit to drop by over 20 per cent, as after the construction company posted a 25 per cent fall in its first half profit. In the six months to 31 December, Leighton has reported a net profit of $217 million, while total group revenue firmed 8 per cent to $9.7 billion. Leighton says its result was impacted by cost overruns on its troubled Brisbane Airport Link project, wet weather conditions and a strong Australian dollar. Shares in Leighton Holdings have lifted 0.52 per cent and are trading at $30.87 at noon.
Atlas Iron Ltd
(ASX:AGO) has declared its off-market takeover offer for Giralia Resources NL
(ASX:GIR) unconditional, and announced it now holds a controlling 55.73 per cent stake in the company. The junior miner says it will now accelerate payments, paying shareholders within three days of their acceptance in addition to waiving the defeating conditions, including a minimum 90 per cent acceptance. Atlas is planning to double its Pilbara landholdings following the off-market takeover. Shares in Atlas Iron are 0.8 per cent higher at midday and trading at $3.79.
Turning to market indices and all are in positive territory at noon: The best performing sector is Materials with the index rising 223 points to 14,447. Shares in Sundance Resources have added 4.08 per cent to $0.51. Shares in Mt Gibson Iron and Cape Lambert Resources are also stronger at noon. The sector with the smallest gains is Financials Excluding Real Estate Investment Trusts, gaining 22 points to 5,406. While shares in Insurance Australia Group have fallen 4.76 per cent and are $3.60. Shares in Commonwealth Bank of Australia and Bendigo and Adelaide Bank are also weaker at midday.
To New Zealand: The NZSX50 is up 4 points. Taking a look at the top 4 stocks by turnover,Guinness Peat Group is at the top of the list with stock is down 1.3% to $0.76 followed by Fletcher Building, Telecom of New Zealand and Westpac.
To gold and the dollar:Gold is trading at $US1,356 an ounce and the Aussie dollar is buying $US1.03.
