Following mixed offshore leads the Australian share market opened slightly higher but dipped into negative territory before noon. As investors digest earnings reports, shares in Telstra Corporation Limited
(ASX:TLS) have gained on news the telco has received the green light for its structural separation undertaking. Shares in Goodman Fielder Limited
(ASX:GFF) have jumped 30 per cent on speculation the food manufacturer is the latest takeover target.
The S&P/ASX 200 index has lost 3 points and is 4,265. On the futures market the SPI is 13 points lower.
Company newsShares in Aristocrat Leisure Limited
(ASX:ALL) have risen to one of the top 200’s best performers after gaming company unveiled a 21 per cent jump in its full 2011 financial year net profit. Aristocrat Leisure posted a net profit of $66 million, coming in above its guidance for net profit growth. Looking ahead Aristocrat expects a further lift in operation performance. Shares in Aristocrat Leisure have gained 13.78 per cent and are trading at $2.89.
Shares in Southern Cross Media Group
(ASX:SXL) have risen after the media company said its first half net profit gained 180 per cent and underlying profit rose 73 per cent. In the half year to the end of December 2011 Southern Cross Media Group’s net profit came in at $94 million, boosted by a $36 million one-off benefit arising from its purchase of the Austereo radio group. A fully-franked interim dividend of 5 cents per share has been declared. Shares in Southern Cross Media Group have risen 9.17 per cent and are trading at $1.25.
Best and worst performersThe sectors are trading mixed: The best performing sector is Telco Services gaining 16 points to 1,122. Shares in Telstra Corporation Limited
(ASX:TLS) have risen 1.55 per cent and trading at $3.28. Shares in Amcom Telecommunications Limited
(ASX:AMM) and iiNet Limited
(ASX:IIN) are also stronger.
The worst performing sector is Energy, falling 108 points to 14,372. Shares in Beach Energy Limited
(ASX:BPT) are 4.49 per cent lower, at $1.595. Shares in Linc Energy Limited
(ASX:LNC) and Paladin Energy Limited
(ASX:PDN) are also down at noon.
New ZealandThe NZSX50 is 3 points higher at noon: Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock 0.78 per cent lower to $6.34, followed by Telecom Corporation of New Zealand, Goodman Fielder and Westpac Banking Corporation.
Gold and the dollarGold is trading at $US1,767 an ounce.
The Australian dollar is buying $US1.0759.
