The Australian share market heeded positive European leads and a Wall Street rally to open higher and is 0.3 per cent up at noon, with the energy sector pushing into the black following Woodside’s well received full year profit result and the mining sector dipping on the back of BHP’s half year profit drop and CEO resignation.
The S&P/ASX 200 index is 16 points up at 5,098. On the futures market the SPI is 15 points higher.
Economic news
The Australian Bureau of Statistics wage price index rose 3.4 per cent in the December quarter, while total hourly rates of pay went up by 0.8 per cent.
Company news
Woodside Petroleum Limited
(ASX:WPL) has increased its full year net profit by 98 per cent to $2.89 billion and says it remains on track for a lift in production this year. CEO Peter Coleman says the 2012 earnings result was highlighted by a 31 per cent lift in production and a 30 per cent increase in sales revenue, while the start up of the Pluto LNG project off the West Australian coast last April also provided a boost to earnings. Shares in Woodside are trading up 2.6 per cent at $38.90.
Seven West Media Limited
(ASX:SWM) has swung to a $109.3 million loss for the first half, hit by a $195.2 million impairment charge on the value of its magazine arm and a write-down on the value of Yahoo!7. CEO Don Voelte says greater cost efficiencies across the business will assist in Seven West’s performance in the second half and in fiscal 2014. Shares in Seven West are trading down 6.75 per cent at $2.35.
Best and worst performers The best performing sector is Real Estate Investment Trusts gaining 18 points to 1,034. Shares in DEXUS Property Group
(ASX:DXS) have risen 2.61 per cent and trading at $1.08. Shares in Mirvac Group
(ASX:MGR) and Commonwealth Property Office Fund
(ASX:CPA) are also stronger.
The worst performing sector is Materials, falling 116 points to 11,006. Shares in Discovery Metals Limited
(ASX:DML) have fallen 8.78 per cent, trading at $0.68. Shares in Arrium Limited
(ASX:ARI) and Imdex Limited
(ASX:IMD) are also lower.
Gold and the dollar
Gold is trading at $US1,605 an ounce and the Australian dollar is buying $US1.034.
