Following mixed offshore leads and the hint of further economic stimulus in the US the Australian share market edged higher on open and is 0.6 per cent up at noon.
The S&P/ASX 200 index is 24 points up at 4,400. On the futures market the SPI is 17 points higher.
Company news
Fortescue Metals Group Limited (ASX:FMG) has increased its full year net profit by 53 per cent to $1.52 billion. The iron ore miner says it expects to meet its 155 tonne annual production target and that 2013 growth will be driven by its advanced infrastructure. Fortescue will pay a final fully franked dividend of 4 cents, taking its annual payout to 8 cents. Shares in Fortescue have gained 2.17 per cent and are trading at $4.24.
Fairfax Media Limited’s (ASX:FXJ) shares have slumped after it widened its net loss to $2.7 billion, from a loss of $390 million last year. The media giant was hit by more than $2.8 billion of write downs and a redundancy program cost of $140 million. Fairfax will pay a final dividend of 1 cent per share, taking its full year distribution to 3 cents. Shares in Fairfax have retreated 6.64 per cent and are trading at $0.53.
Best and worst performers
The best performing sector is Materials gaining 131 points to 9,872. Shares in Resolute Mining Limited (ASX:RSG) have risen 6.04 per cent and trading at $1.58. Shares in Aquarius Platinum Limited (ASX:AQP) and Integra Mining Limited (ASX:IGR) are also stronger.
The worst performing sector is Consumer Discretionary, falling 12 points to 1,271. Shares in Fairfax Media Limited (ASX:FXJ) have fallen 6.64 per cent, trading at $0.53. Shares in Tatts Group Limited (ASX:TTS) and Myer Holdings Limited (ASX:MYR) are also lower.
Gold and the Dollar
Gold is trading at $US1,659 an ounce.
The Australian dollar is buying $US1.053.
