Following negative leads from Wall Street and mixed leads elsewhere, the Australian share market has moved into positive territory in morning trade and is 0.27 per cent up at noon.
The S&P/ASX 200 index is 23 points up at 5,431. On the futures market the SPI is 18 points higher.
Economic news
The ABS Average Weekly Earnings survey has report average Full-time adult average weekly total earnings rose to $1498.70 for the twelve months to November 2013. That represented an increase of 3.1 per cent in trend data for the year.
Company news
Fairfax Media Limited
(ASX:FXJ) has reported a 48.5 per cent increase in underlying net profit to $86.4 million for the first half of the 2014 financial year, despite a 1.2 per cent drop in total revenue. The figures were boosted by the sale of websites InvestSMART, Stayz Group and FRG Asia during the period, netting $221 million. Fairfax’ troubled print publications showed double digit decline in earnings while their digital earnings increased by 50 per cent. The company will return a fully-franked interim dividend of 2 cents per share. Shares in Fairfax Media are up 22.38 per cent to $0.88.
iiNet Limited
(ASX:IIN) has reported record results across all key metrics according to its first half results announcement. The company reported an underlying net profit of $31.4 million for H1 of Fiscal 2014, up 19 per cent on the previous corresponding period. Underlying revenue and EBITDA were also up 4 and 6 per cent respectively for the half. The digital services provider says it increased its subscriber base by 16,000 users in the half as well as increasing mobile, IPTV and NBN users. iiNet says it will pursue growth in the business segment going forward. Shares in iiNet are up 5.47 per cent to $7.91.
The best and worst performers The best performing sector is Consumer Discretionary gaining 25 points to 1,839. Shares in Breville Group Limited
(ASX:BRG) have risen 12.56 per cent and trading at $8.96. Shares in Myer Holdings Limited
(ASX:MYR) and Super Retail Group Limited
(ASX:SUL) are also stronger.
The sector with the least losses is Energy, up 9 points to 13,784. Shares in Drillsearch Energy Limited
(ASX:DLS) have fallen 2.44 per cent, trading at $1.60. Shares in Paladin Energy Limited
(ASX:PDN) and Horizon Oil Limited
(ASX:HZN) are also lower.
Gold and the dollar
Gold is trading at $US1,312 an ounce.
The Australian dollar is buying $US0.9005.
