The Australian share market opened more than half a per cent higher despite mixed offshore leads and is 0.95 per cent up at noon, having breached the 5,000 threshold in early trade with financial stocks leading the way, headed by CBA’s record half year result.
The S&P/ASX 200 index is 48 points up at 5,007. On the futures market the SPI is 41 points higher.
Economic news
Westpac and the Melbourne Institute’s Survey of Consumer Sentiment has indicated a surge in early 2013, buoyed by the local sharemarket rally and improved outlooks on family finances. The index rose by 7.7 per cent to 108.3 in February, soaring from a 0.6 per cent rise in January.
Company news Domino's Pizza Enterprises Limited
(ASX:DMP) has served up a first half net profit increase of 15.7 per cent to $14.5 million, driven by improvements to core menu items and digital and retail launches. The pizza maker has reaffirmed its profit guidance of 15 per cent for the 2013 financial year. Shares in Domino’s Pizza are trading down 3.5 per cent at $9.94.
Stockland
(ASX:SGP) has posted a $147 million first half loss following a write down on the value of residential developments, and expects full year earnings per share to decline more than previously forecast. CEO Mark Steinert says the disappointing first half result reflects the difficult operating conditions faced, with the new housing market remaining very soft. Shares in Stockland are trading up 1.15 per cent at $3.52.
Best and worst performers In a day of soaring numbers the best performing sector is Financials Excluding Real Estate Investment Trusts gaining 103 points to 6,050. Shares in Westpac Banking Corporation
(ASX:WBC) have risen 2.7 per cent and trading at $28.50. Shares in Commonwealth Bank of Australia
(ASX:CBA) and Australia and New Zealand Banking Group
(ASX:ANZ)are also stronger.
The worst performing sector is Utilities, falling 18 points to 5,348. Shares in Spark Infrastructure Group
(ASX:SKI) have fallen 2.24 per cent, trading at $1.64. Shares in AGL Energy Limited
(ASX:AGK) and APA Group
(ASX:APA) are also lower.
Gold and the dollar
Gold is trading at $US1,651 an ounce and the Australian dollar is buying $US1.033.
