The Australian share market followed global markets lower at open but has clawed back to be 0.3 per cent up at noon, with gains among the big banks providing a platform.
The S&P/ASX 200 index is 16 points up at 4,976. On the futures market the SPI is 13 points higher.
Company news
Australia and New Zealand Banking Group Limited
(ASX:ANZ) plans to direct more capital to Australian and New Zealand markets as it shifts from its growth strategy in Asia. CFO Shayne Elliott says the bank now has sufficient scale in its Asian business and will shift gears a little bit and focus more on Australia and New Zealand, which face greater margin pressures than its competitors. Shares in ANZ are trading up 1.17 per cent at $28.47.
Singapore Telecommunications Limited
(ASX:SGT) 100% owned telco Optus will cut 290 jobs from its marketing, IT, networks and sales departments, primarily from its Sydney head office. Optus has cut its workforce by almost 10 per cent in the past year, with the latest an effort to ramp up activity in its fixed line business in preparation for the National Broadband Network. Shares in Singtel are trading down 0.36 per cent at $2.74.
Best and worst performers The best performing sector is Financials excluding real estate investment trusts gaining 54 points to 6,259. Shares in Westpac Banking Corporation
(ASX:WBC) have risen 1.40 per cent and trading at $30.50. Shares in National Australia Bank Limited
(ASX:NAB) and Commonwealth Bank of Australia
(ASX:CBA) are also stronger.
The worst performing sector is Consumer discretionary, falling 16 points to 1,548. Shares in Myer Holdings Limited
(ASX:MYR) have fallen 4.50 per cent, trading at $2.97. Shares in Pacific Brands Limited
(ASX:PBG) and Seven West Media Limited
(ASX:SWM) are also lower.
Gold and the dollar
Gold is trading at $US1,614 an ounce and the Australian dollar is buying $US1.043.
