The Australian share market opened slightly lower but is rising at midday. It’s up 0.19 per cent ahead of today’s RBA rate decision.
The S&P/ASX 200 index has gained 11 points and is 4,307. On the futures market the SPI is 14 points higher.
Economic news
Australian construction activity contracted in January for the 20th consecutive month, but a report shows the rate of decline is beginning to slow. The Australian Industry Group-Housing Industry Association's performance of construction index (PCI) fell 1.2 points to 39.8 in January. A reading below 50 indicates a contraction in activity.
Company news
Bradken Limited (ASX:BKN) says its first-half profit is up 65 per cent and its full-year expectations remain unchanged. The mining and rail equipment manufacturer has posted a net profit of $43.05 million for the half year to December 31, up 65.6 per cent on the same period a year earlier. It says the booming mining sector had seen demand for its products reach historically high levels. Shares in Bradken are trading 1.86 per cent lower at $7.90.
Shares in National Australia Bank (ASX:NAB) have slipped after it announced a smaller-than-expected 7.7 percent rise in first quarter profits. The nation’s top lender says it’s also reviewing its underperforming UK operations amid challenging conditions. Shares in NAB have lost 2.61 per cent and are trading at $23.54.
Best and worst performers
Telcos has gained 14 points to 1,169. ] Shares in Telstra have advanced 1.33 per cent and trading at $3.42.5. Shares in Amcom and iiNet are also stronger.
The only sector in the red is Materials, losing 30 points to 11,803. Shares in Kingsgate are 2.28 per cent lower, trading at $7.73. Shares in Lynas and Ramelius have also lost value.
New Zealand
The NZSX50 is up three 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 down 1.15 per cent to $2.15.5, followed by, Fletcher Building, Westpac and Chorus.
Gold and the dollar
Gold is trading at $US1,720 an ounce and the Australian dollar is buying $US1.0726.
