The Australian share market is higher at midday, resource stocks leading the way, uranium miners making up some of the heavy losses they have endured since Japan’s nuclear crisis. Investors remain wary of the flow on effects of the crisis for global markets.
The S&P/ASX200 index has risen 35 points and is 4,591 at noon, and the SPI is up 46.
Company news: Qantas Airways Ltd (ASX:QAN) says it has reached a settlement with the New Zealand Commerce Commission. The airline says the terms of the settlement, in relation to price fixing in its freight division, are confidential but does include a recommendation to the New Zealand High Court that Qantas pays a fine of $4.8 million. The airline said it would plead guilty to participating in a cartel with other airlines including Air New Zealand. Shares in Qantas are flat and are currenlty trading at $2.07 at noon.
Australia and New Zealand Banking Group (ASX:ANZ) has updated its international growth strategy. By 2017 as much as 30 per cent of its profit will be driven by divisions in Asia, Europe and the Americas. ANZ has the largest presence in the Asia Pacific region of the big four local banks.The division contributed $509 million, that is 11.3 per cent of group after-tax profit in 2009/2010 and 14 per cent of ANZ’s underlying earnings. Shares in ANZ have risen 0.09 per cent and are trading at $22.47.
To the best and worst performers: The best performing sector is Materials adding 255 points to 13,452. Shares in Lynas Corporation have advanced 4.49 per cent and trading at $1.98. Shares in Fortescue Metals and BHP Billiton have also firmed at midday. The worst performing sector is Health Care, dropping 86 points to 8,218. Shares in Primary Health Care have fallen 1.76 per cent to $2.79. Shares in CSL and Sonic Healthcare have also dipped at midday.
To New Zealand: The NZSX50 has gained 22 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 0.25 per cent and trading at $2.00 followed by Fletcher Building, Fisher & Paykel Healthcare Corporation and ANZ.
To gold and the dollar: Gold is trading at $US1,410 an ounce and the Aussie dollar is buying 99.12 US cents.
