The Australian share market opened in the red and is 0.2 per cent weaker at noon. Scepticism over Greece’s latest bailout package pushed European markets lower overnight and saw the US and Asia close mixed. At home inventors are also weighing up the latest earnings reports. The sectors are trading mixed.
The S&P/ASX 200 index has lost 14 points and is 4,277. On the futures market the SPI is 17 points lower.
Company news
Shares in CSL Limited (ASX:CSL) have gained after the healthcare company posted a 3 per cent fall in its first half net profit but upgraded earnings guidance. CSL generated a net profit of $483 million, hit with a strong Australian dollar over the last six months of 2011 impacting translated earnings. Looking ahead CSL expects to deliver 13 per cent earnings growth in 2012, up from earlier guidance of 10 per cent growth. An unfranked interim dividend of 36 cents per share has been declared. Shares in CSL have gained 2.33 per cent and are trading at $31.67.
Shares in Seven West Media Limited (ASX:SWM) have also gained after the media company more than tripled its first half net profit result. The company’s profit rose from $50 million to $163 million in the last six months of 2011, boosted by its merger with West Australian Newspapers Holdings last year. While Seven West Media says the merger makes earnings comparisons difficult it remains confident that is it well-placed in the following year. Shares in Seven West Media have gained 4.53 per cent, trading at $3.69
Best and worst performers
The sectors are trading mixed: The best performing sector is Health Care gaining 80 points to 8,053. Shares in Sonic Healthcare have risen 2.81 per cent and trading at $11.70. Shares in CSL and ResMed are also stronger.
The worst performing sector is Consumer Staples, falling 77 points to 7,365. Shares in Woolworths are 1.03 per cent lower, at $25.05. Shares in Coca-Cola Amatil are lower while shares in Metcash are steady.
New Zealand
The NZSX50 is 16 points lower at noon: Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 2.56 per cent to $6.47, followed by Westpac Banking Corporation, AMP and Telecom Corporation of New Zealand.
Gold and the dollar
Gold is trading at $US1,756 an ounce.
The Australian dollar is buying $US1.0651.
