The Australian share market has fallen at noon, investors taking profits after a solid week’s trading. Stocks are being pulled down by the banks and miners, with ANZ failing to outperform expectations – a common theme to the week.
The S&P/ASX200 index has fallen 8 points and is 4,931 at noon. On the futures market the SPI down 7 points.
Company news: Consolidated Media Holdings (ASX:CMJ) has reported an 87 per cent fall in half year net profit. Net profit for the six months to December fell sharply to $45.3 million from $346.2 million a year prior. The previous year’s results included the profits and equity contribution from the sale of jobs website Seek. ConsMedia declared an interim dividend of 10.5 cents per share, unfranked. Shares in Consolidated Media have firmed 2.74 per cent and are trading at $3.00.
Sims Metal Management (ASX:SGM) has reported a 24 per cent rise in first-half profit. For the six months to December, net profit attributable to members lifted to $49.3 million. Revenue increased to nearly $4 billion. The metals recycler declined to give specific guidance, but said that stronger earnings had been possible despite constrained scrap intake. Shares in Sims Metal Management have risen 2.06 per cent to $19.34.
Best and worst performers: The best performing sector is Consumer Discretionary rising 11 points to 1,547. Shares in Billabong International have gained 6.62 per cent and are $8.53. Shares in Aristocrat Leisure and Austar United Communications have also lifted at midday. The worst performing sector is Financials (excluding real estate investment trusts) falling 23 points to 5,408. Shares in Australia and New Zealand Banking Group have dropped 2.65 per cent to $24.97. Shares in Lend Lease Group and National Australia Bank have also eased at midday.
To New Zealand: The NZSX50 has risen 6 points. Taking a look at the top 4 stocks by turnover, Fletcher Building is at the top of the list with stock up 0.36 per cent at $8.37 followed by Telecom of New Zealand, Westpac and Telstra.
Gold and the dollar: Gold is trading at $US1,384 an ounce and the Aussie dollar is buying $1.0126 US cents.
