The Australian share market has lifted 0.6 per cent at open and continues to trade in positive territory boosted by the materials sector.
The S&P/ASX 200 index is 26 points up at 4,303. On the futures market the SPI is 10 points higher.
Company news James Hardie Industries
(ASX:JHX) has reported an 11 per cent lift in its net profit for the three months to June 30 and forecast its full year earnings excluding asbestos, ASIC expenses and tax adjustments to be between $US140 - $US160 million. The building products maker posted a net profit of $65.02 million due to a rise in sales and cited the US and Europe as driving the result. Shares in James Hardie are trading down 3.99 per cent at $7.94.
Shares in JB Hi-Fi Limited
(ASX:JBH) have lifted in early trade as it reported its annual figures. Net profit fell 5 per cent to $104.6 million in the year to June, in line with its guidance. Sales for the year was up 7 per cent. The electronics retailer expects sales to rise by about 5.5 per cent in the year ahead and has declared a final fully franked dividend of 16 cents per share. Shares in JB Hi-Fi are trading up 6.24 per cent at $9.79.
Best and worst performers The best performing sector is Materials gaining 127 points to 9,780. Shares in BlueScope Steel Limited
(ASX:BSL) have surged 37.5 per cent and trading at $0.36 Shares in Arrium and Alumina are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 4 points to 909. Shares in Westfield Group
(ASX:WDC) have fallen 2.92 per cent trading at $9.64. Shares in Westfield Retail Trust were lower whilst and Dexus Property Group was higher.
Gold and the dollar
Gold is trading at $US1,620 an ounce and the Australian dollar is buying $US1.055.
