Buoyed by a positive finish on Wall Street the Australian share market rose more than 1 per cent at open but has pulled back at noon. Insurer and bank Suncorp Group Limited (ASX:SUN) has leapt more than 5 per cent after reporting a better than expected full-year result, pulling the financial sector higher. The miners are also up ahead of an expected record annual profit from BHP Billiton Limited (ASX:BHP) this afternoon.
The S&P/ASX200 index has advanced 39 points and is 4,213 at noon. On the futures market the SPI is 26 points higher.
Reporting season results
Shares in Worleyparsons Limited (ASX:WOR) have jumped after reporting a 25 per cent improvement in its full year net profit. The engineering company expects underlying earnings to grow in the year ahead and has declared final dividend of 50 cents per share.
Shares in Southern Cross Media Group (ASX:SXL) have also lifted after the media company said it swung from a net loss of $83 million to a profit of $53 million in fiscal 2011. A fully franked final dividend of 3 cents per share has been declared.
Best and worst performers
Most sectors are making gains: The best performing sector is Consumer Discretionary, rising 31 points to 1,191. Shares in Pacific Brands have lifted 11.2 per cent and trading at $0.695. Shares in Billabong International and Fairfax Media have also gained. The only sector in the red is Utilities easing 8 points to 4,300. Shares in APA Group have retreated 0.99 points and trading at $4.00. Shares in Envestra and AGL Energy have also weakened.
New Zealand
The NZSX50 is 33 points higher. 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 0.74 per cent at $2.71 followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar
Gold is trading at $US1,849 an ounce and the Australian dollar is buying $US1.0499 cents.
