Following mixed overseas leads the Australian share market is flat at noon, as Aussie investors consider mixed earnings reports. Also out today, the Reserve Bank of Australia’s February monetary policy meeting minutes in which the country’s central bank says it believes interest rates are where they should be, and given the medium-term outlook for our economy the current rate remains appropriate.
The S&P/ASX200 index has eased 7 points and is 4,929 at noon. On the futures market the SPI down 13 points.
Company news: Brambles Ltd (ASX:BXB) has missed analysts’ expectations, reporting a six per cent lift in its first-half profit to $219.6 million for the six months to 31 December 2010. CEO Tom Gorman says the result is strong, with increased group sales revenue and profit and a robust rate of new business wins. The handling and storage logistics provider has also confirmed its 2011 guidance and expects to deliver operating profit before finance costs and tax of between $740 million to $780 million. Shares in Brambles have fallen 1.11 per cent and are trading at $7.15 at noon.
Commonwealth Property Office Fund (ASX:CPA) has posted a first half net profit of $121.6 million, soaring 265 per cent over the $33.4 million achieved the same time a year earlier. In the six months to 31 December 2010, the company achieved a 30 per cent rise in revenue to $204.2 million. Commonwealth Property Office Fund has declared an unfranked interim distribution of 2.75 cents and says it remains confident of delivering a full year distribution of 5.5 cents per unit. Shares in Commonwealth Property Office Fund have lifted 0.56 per cent at noon and are trading at $0.89.
Turning to market indices: The best performing sector is Telco Services with the index rising 6 points to 1,008. Shares in Telstra have added 0.68 per cent to $2.95. Shares in iiNet are higher while Enerji is flat at noon. The worst performing sector: is Industrials, loosing 17 points to 3,822. Shares in Spotless Group have fallen 1.31 per cent and are $2.26. Shares in Toll Holdings and Brambles are also weaker at midday.
To New Zealand: The NZSX50 is flat. Taking a look at the top 4 stocks by turnover, Telecom of New Zealand is at the top of the list with stock steady at $2.21 followed by ANZ, Westpac and Guinness Peat Group.
To gold and the dollar: Gold is trading at $US1,362 an ounce and the Aussie dollar is buying $US1.0038.
