The Australian share market has risen 0.2 per cent at noon, on the back of some strong earnings reports. Most sectors are trading in the black, boosted by healthy profits from Qantas Airways (ASX:QAN), Santos Ltd (ASX:STO), Lend Lease Group Ltd (ASX:LLC) and AMP Ltd (ASX:AMP), with Wesfarmers Ltd (ASX:WES) the latest to report, beating market expectations to post a 33 per cent jump in its first half earnings.
The S&P/ASX200 index has added 10 points and is 4,940 at noon. On the futures market the SPI up 6 points.
Company news: ASX Ltd (ASX:ASX), has reported improved first half earnings and confirmed its $8.3 billion merger with Singapore Exchange remains on track. The operator of the Australian Securities Exchange has posted net profit before one-offs of $175.5 million for the six months to 31 December, up 3 per cent from $170.6 million recorded the same time a year before. ASX has declared a fully franked interim dividend of 90.2 cents. Shares in ASX have firmed 0.13 per cent and are trading at $38.75.
Adelaide Brighton Ltd (ASX:ABC) says its full year profit has grown 23 per cent to $151.5 million underpinned by demand in the resource sector. In the 2010 calendar year, the building materials supplier boosted revenue from continuing operations by 9 per cent to just over $1 billion, while EBITDA grew 17 per cent to $216 million. Adelaide Brighton says the company will assess the impact of the recent natural disasters across Australia on its business, but at this stage does not expect a material impact. Shares in Adelaide Brighton are steady at $3.43.
To the best and worst performers: The best performing sector is Telco Services rising 5 points to 1,011. Shares in Big Air Group have gained 2.5 per cent and are $0.205. Shares in Engin and Telstra have also lifted at midday. The worst performing sector is Health Care falling 182 points to 8,850. Shares in Biota Holdings have dropped 8.95 per cent to $1.17. Shares in CSL and Cochlear have also eased at midday.
To New Zealand: The NZSX50 has risen 5 points. Taking a look at the top 4 stocks by turnover, Fletcher Building is at the top of the list with stock up 0.49 per cent at $8.27 followed by Telecom of New Zealand, ANZ and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $US1,375 an ounce and the Aussie dollar is buying $1.0039 US cents.
