The Australian share market has recovered from early losses and is now tracking ever so slightly higher at noon. Strong earnings results from CSL, Wesfarmers and Computershare are helping to boost investor sentiment. While a 3.3 per cent decline in CBA shares as the bank trades ex-dividend is weighing on the market.
The healthcare sector is leading the way and the energy sector trailing behind in the first two hours of trade. Leading provider of retirement communities, Aveo Group
(ASX:AVO) has reported record performance in the 2018 financial year and confirmed its FY19 earnings per share (EPS) guidance of 20.4 cents per share, and at noon its trading 8.14 per cent higher. Pact Group Holdings
(ASX:PGH) is trading 16.95 per cent lower after reporting its profit fell about 18 per cent in the 2018 financial year
The S&P/ASX 200 index is 5 points up at 6304. On the futures market the SPI is 15 points higher.
Local economic newsWages rose 0.6 per cent in the June quarter and are up 2.1 per cent over the year which is in line with consensus.
Company newsSeek
(ASX:SEK) has reported its net profit after tax (NPAT) dropped about 84 per cent on FY17 to $53.2million for the 2018 financial year. Sales revenue was up 25 per cent to $1.29 billion. Earnings per share were 65.6 cents and According to Citi the result missed earnings estimates with financial services giant already having marked the stock as a sell. Shares in Seek Limited
(ASX:SEK) up 0.46 to $20.75.
Residential property and land developer, VillaWorld
(ASX:VRL) notched a 15 per cent rise in its net profit after tax, for the financial year ending 2018, with the headline result (statutory NPAT) hitting $43.6 million, which is at the top end of its guidance. Meantime, the company also appointed Lisa MacCallum who has worked with the likes of KPMG and NIKE. She has been hired as an independent non-executive director to bolster the group’s brand strategy and consumer insights experience. Shares in Villaworld are trading 3.92 per cent higher to $2.25.
Best and worst performersThe best performing sector is healthcare adding 2.7 per cent while the worst performing sector is energy, shedding 1.3 per cent.
The best performing stock in the S&P/ASX 200 is Aveo Group
(ASX:AOG), rising 8.14 per cent to $2.39. followed by shares in Afterpay Touch
(ASX:APT) and CSL
(ASX:CSL).
The worst performing stock in the S&P/ASX 200 is Pact
(ASX:PGH), dropping 16.95 per cent to $4.44, followed by shares in IAG
(ASX:IAG) and Sandfire Resources
(ASX:SFR).
Asian marketsJapan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has lost 0.9 per cent and the Shanghai Composite has lost 0.4 per cent.
Commodities and the dollar Gold is trading at $US1192 an ounce.
Iron ore price fell 0.7 per cent to US$68.02 and its futures are pointing to a fall of 1.4 per cent.
One Australian dollar is buying 72.29 US cents.
CryptocurrenciesSome of the most traded cryptocurrencies are trading higher. Bitcoin has gained 2.3 per cent to US$6242, Ethereum gained about 6.8 per cent to US$285 and eos has gained about 9.3 per cent to US$4.76.
