The Australian share market is up at midday after jumping more than one per cent at open today.
The S&P/ASX200 index has advanced 78 points and is 4,278 at noon. On the futures market the SPI is 70 points stronger.
Economic news
The Housing Industry Association (HIA) says new home sales fell sharply by 8 per cent in July for a second consecutive month, reflecting deterioration in new home building conditions, following a decline of 8.7 per cent in June.
Company news
Goodman Fielder Limited (ASX:GFF) has reported a net loss of $166.7 million for the 2011 financial year, compared with a net profit of $161.1 million in 2010. The 2011 result included a $250 million impairment charge to the goodwill of the group's Australian baking division, and a $50 million impairment charge to the group's New Zealand baking division. The company will pay a final dividend of 2.5 cents per share. Shares in Goodman Fielder Limited (ASX:GFF) have gained 0.65 per cent, trading at 77 cents.
The Chairman of Paperlinx Limited (ASX:PPX) announced today that he will step down as director and chairman at the end of the month. David Meiklejohn, will retire and hand the reigns over to current board member Harry Boon. Shares in Paperlinx Limited (ASX:PPX) are flat at midday, trading at 10.5 cents.
The best and worst performers
The best performing sector is Real Estate Investment Trusts, advancing 27 points to 784. Shares in Charter Hall have risen 3.57 per cent and trading at $3.19. Shares in Stockland and Westfield are also higher.
The worst performing sector at midday is Telco Services, losing 3 points to 1,054. Shares in Telecom NZ are 22.43 per cent lower, trading at $2.11. Shares in Telstra and Singtel are also lower.
New Zealand
The NZSX50 has gained 21 points. Taking a look at the top four stocks by turnover, Kingfish Limited is at the top of the list with stock down 1.08 per cent at 92 cents followed by Bathurst Resources, Guinness Peat Group and Methven.
Gold and the dollar
Gold is trading at $US1,814 an ounce and the Australian dollar is buying $US1.0619 cents.
