Following mixed leads, the Australian share market opened higher and is trading up at noon.
The S&P/ASX 200 index is 11 points higher at 4,324. On the futures market the SPI is 4 points higher.
Economic news
The Australian Bureau of Statistics has released its labour force figures for July revealing the unemployment rate fell to 5.2 per cent last month from an upwardly revised 5.3 per cent in June. The report also revealed The Australian economy added 14,000 new jobs last month, 4,000 more than had been predicted.
Company news
STW Communications Group Limited (ASX:SGN) has reported a 4.7 per cent rise in net profit for the first half of its 2012 financial year, reaching $18 million. CEO Michael Connaghan says the profit growth is all driven by organic market share gains as well as a number of quality business acquisitions within the advertorial, training and communications sectors. STW has declared a fully franked dividend of 3.3 cents per share. Shares in STW are trading down 3.24 per cent to $1.04.
Webjet Limited (ASX:WEB) has achieved a 24 per cent boost in net profit, totalling $13.6 million for its 2012 financial year. The online travel agent says it has enjoyed a seventh straight year of profit acceleration in an otherwise flat travel market, and declared a fully franked dividend of 7 cents. Shares in Webjet are trading up 3.7 per cent at $3.64.
Best and worst performers
The best performing sector is Materials gaining 143 points to 9,691. Shares in Bathurst Resources Limited (ASX:BTU) have risen 7.38 per cent and trading at $0.33. Shares in Alumina Limited (ASX:AWC) and Lynas Corporation Limited (ASX:LYC) are also stronger.
The worst performing sector is Telco Services, falling 27 points to 1,333. Shares in Telstra Corporation Limited (ASX:TLS) have fallen 1.76 per cent, trading at $3.90. Shares in M2 Telecommunications Group Limited (ASX:MTU) are lower and shares in Telecom Corporation of New Zealand (ASX:TEL) are slightly higher.
Gold and the dollar
Gold is trading at $US1,615 an ounce and the Australian dollar is buying $US1.06.
