The Australian share market is flat at noon amid cautious trade ahead of a decision on Greece’s second bailout. An announcement from eurozone finance ministers was expected this morning, but appears to be delayed. Closer to home reporting season is in full swing and the sectors are all mixed.
The S&P/ASX 200 index has lost 1.5 points and is 4,255. On the futures market the SPI is 11 points lower.
Company news
Oil Search Limited’s (ASX:OSH) full 2011 year net profit has grown 9 per cent to $US202.5 million, boosted by higher oil prices. On an underlying basis the company’s profit jumped 64 per cent. Production dropped 13 per cent, coming in at the top end of its guidance. A final dividend of $US0.02 per share has been declared. Shares in Oil Search have gained 1.68 per cent and are trading at $6.66.
Mirvac Group (ASX:MGR) has rebounded to a first half profit of $177 million from a loss of $13 million the year before. The property developer says it remains focused on expanding its product into the mid-price point market and capturing the increasing demand for medium-density living. An unfranked interim distribution of 4 cents per security has been declared and the company expects to pay a full year distribution of between 8.2 cents and 8.4 cents per security. Shares in Mirvac Group have gained 1.24 per cent and are trading at $1.22.
Best and worst performers
The sectors are trading mixed: The best performing sector is Industrials gaining 22 points to 3,664. Shares in Macquarie Atlas Roads Limited (ASX:MQA) have risen 8.74 per cent and trading at $1.68. Shares in Boart Longyear Limited (ASX:BLY) and Downer EDI Limited (ASX:DOW) are also stronger.
The worst performing sector is Consumer Staples, falling 57 points to 7,374. Shares in Goodman Fielder Limited (ASX:GFF) are 0.57 per cent lower, at $0.522. Shares in Woolworths Limited (ASX:WOW) are lower while shares in Metcash Limited (ASX:MTS) slightly higher.
New Zealand
The NZSX50 is 13 points higher at noon: Taking a look at the top four stocks by turnover, Westpac Banking Corporation is at the top of the list with stock up 0.34 per cent to $26.45, followed by Fletcher Building, Freightways and AMP.
Gold and the dollar
Gold is trading at $US1,735 an ounce.
The Australian dollar is buying $US1.0725.
