Lifted by a positive lead from Wall Street the Australian share market rose at open and is 0.5 stronger at noon. Most sectors are higher, led by strength in the miners, financials and telcos. The retailing sector is in the red, weighed down by Harvey Norman’s weaker than expected result.
The S&P/ASX 200 index has added 20 points and is 4,283. On the futures market the SPI is 22 points higher.
Company news
Shares in QBE Insurance Group Limited (ASX:QBE) have risen after exiting a trading halt and announcing it has raised $450 million. The insurer completed the institutional share placement to replace its current tier two convertible debt. The placement was well oversubscribed, with about 42 million ordinary shares sold to institutions at $10.70 per share. Shares in QBE Insurance Group have risen 1.39 per cent, trading at $11.66.
Shares in Harvey Norman Holdings Limited (ASX:HVN) have fallen to the top 200’s worst performer after the electronics retailer reported a 2.1 per cent drop in its first half profit. Harvey Norman posted a net profit of $128.95 million, hit by a strong Australian dollar, soft consumer sentiment and weakening economic confidence. An interim dividend of 5 cents per share has been declared. Shares in Harvey Norman Holdings have fallen 5.56 per cent, trading at $2.04.
Best and worst performers
The sectors are mainly higher: The best performing sector is Materials gaining 96 points to 11,436. Shares in Grange Resources Limited (ASX:GRR) have risen 6.78 per cent and trading at $0.63. Shares in Kentor Gold Limited (ASX:KGL) and Aditya Birla Minerals Limited (ASX:ABY) are also stronger.
The worst performing sector is Consumer Discretionary, dipping 6 points to 1,285. Shares in Harvey Norman Holdings have fallen 5.56 per cent, trading at $2.04. Shares in Tatts Group Limited (ASX:TTS) and JB Hi-Fi Limited (ASX:JBH) are also down at noon.
New Zealand
The NZSX50 is 12 points higher at noon: Taking a look at the top four stocks by turnover, Goodman Fielder is at the top of the list with stock 3.53 per cent higher at $0.88, followed by Port of Tauranga, Fletcher Building and Telecom Corporation of New Zealand.
Gold and the dollar
Gold is trading at $US1,785 an ounce.
The Australian dollar is buying $US1.081.
