The Australian share market opened higher this morning, giving up some of its gains in morning trade but starting to rise again at midday. It’s currently 0.3% stronger as investors digest positive signs that euro zone officials may approve the much awaited bailout for Greece.
The S&P/ASX 200 index has risen 14 points and is 4,196. On the futures market the SPI is 19 points higher.
Company news
Billabong International Limited (ASX:BBG) has announced up to 150 stores will close, 400 job cuts and the sale of a key asset. The retailer will sell a partial stake of its Nixon brand to shore up its balance sheet. Shares shot up on the news as the company exited a trading halt. Billabong has posted a large fall in net profit to $16.1 million for the half year, 72 per cent lower than the previous corresponding period. The result is worse than analysts’ expectations. The surf retailer will pay an interim dividend of 3 cents, unfranked, much lower than the 16 cents paid last year. Billabong shares have skyrocketed 48.04 per cent and are trading at $2.65.
Spotless Group Limited (ASX:SPT) has posted a net profit of $16.5 million for the half year, a fall of 5.2 per cent on the prior period. The Group has reaffirmed its outlook, expecting earnings before interest and tax to be in the range of $90-94 million for the full year. An interim dividend of 5 cents per share, fully franked has been declared. Spotless shares have gained 0.42 per cent and are trading at $2.38.
Best and worst performers
The best performing sector is Consumer Staples, gaining 81 points to 7,350. Shares in Goodman Fielder Limited (ASX:GFF) have gained 7.29 per cent and are trading at $0.515. Shares in Woolworths Limited (ASX:WOW) and Metcash Limited (ASX:MTS) are also stronger.
The worst performing sector is Industrials, falling 1 point to 3,558. Shares Qantas Airways Limited (ASX:QAN) are 1.69 per cent lower, trading at $1.63. Shares in Brambles Limited (ASX:BXB) and Transpacific Industries Group Limited (ASX:TPI) have also lost value.
To New Zealand
The NZSX50 is 4 points higher at noon.
Taking a look at the top four stocks by turnover, Sky City Entertainment Group is at the top of the list with stock adding 0.28 per cent to $3.64, followed by Telecom Corporation of New Zealand, Trade Me Group and Fletcher Building.
Gold and the dollar
Gold is buying $US1,731 an ounce and the Australian dollar is buying $US1.0756.
