Following a positive close on Wall Street the Australian share market is up at midday. Having gained more than 1 per cent in morning trade, we have pulled back a little now to be around 0.8 per cent higher. The miners, banks and energy stocks are leading gains, with most sectors in the black amid some healthy profit results.
Figures
The S&P/ASX200 index has risen 36 points to 4,118. On the futures market the SPI is 27 points higher.
Reporting season results
Consolidated Media Holdings Limited (ASX:CMJ) has reported a 74 per cent drop in its full year net profit, falling to $101.7 million. The pay-tv investor’s net profit was cut by the sale of its interest in SEEK, while its operating profit after tax grew 5.8 per cent. An unfranked final dividend of 6 cents per share has been declared.
SEEK Limited (ASX:SEK) has posted a 9 per cent increase in full year net profit, hitting $97.7 million. The jobs website believes it is well placed to take advantage of the move of jobs online and has declared a final fully franked dividend of 7.5 cents per share.
Flight Centre Limited (ASX:FLT) has recorded a flat full year profit of $139.8 million. However, the travel agent has forecast a 10 per cent increase in underlying profit for the year ahead and declared a final fully franked dividend of 48 cents per share.
Sonic Healthcare Limited (ASX:SHL) has posted a flat full year profit, coming in at $294.5 million, but expects earnings growth of up to 15 per cent in the year ahead. In fiscal 2011 revenue rose 3.4 per cent and EBITDA was up 5 per cent. A final dividend of 35 cents has been declared, 28 per cent franked.
Mirvac Group (ASX:MGR) has revealed a 22 per cent fall in its full year net profit. But, in the same period operating profit increased 30 per cent and revenue was up 19 per cent. The property developer has declared a final distribution of 2.20 cents per share.
Oil Search Limited (ASX:OSH) has attributed higher oil prices for a 117 per cent jump in its first half net profit, coming in at $111 million. The oil and gas company has also confirmed its full year production guidance and declared an interim dividend of around 1.9 cents per share.
Best and worst performers
Most sectors are trading on positive ground: The best performing sector is Energy, advancing 229 points to 13,078. Shares in Aquila Resources have risen 6.02 per cent and trading at $5.81. Shares in Gloucester Coal and Energy Resources of Australia are also stronger. The worst performing sector is Health Care easing 22 points to 7,510. Shares in Sonic Healthcare have dropped 5.21 per cent and trading at $10.92. Shares in Sigma Pharmaceuticals and Ramsay HealthCare are also down.
New Zealand
The NZSX50 is steady. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with the stock easing 1.28 per cent at $2.705 followed by Westpac, Fletcher Building and Auckland International Airport.
Gold and the dollar
Gold is trading at $US1,895 an ounce. The Australian dollar is buying $US1.0407 cents.
