Following positive leads from offshore the Australian share market jumped in morning trade to a six year high and is 0.6 per cent up at noon as Materials recover from yesterday’s weak data from China.
The S&P/ASX 200 index is 35 points up at 5,447. On the futures market the SPI is 33 points higher.
Company news
Crown Resorts Limited
(ASX:CWN) says its resort business was hit by weak consumer sentiment but its Macau casino joint venture recorded record results in the first half of Fiscal 2014. Crown posted a net profit of $382.5 million for the half, up 111.6 per cent from $180.8 million in the six months to December 2012. The group will pay an interim dividend of 18 cents per share, fifty per cent franked on April 11, 2014. Shares in Crown Resorts are trading down 3.48 per cent at $16.63.
Billabong International Limited
(ASX:BBG) has entered a two day trading halt after announcing it has narrowed its first half loss to $126.3 million. The company reported $132.6 million in asset write-downs and restructuring costs during the half as well as weak demand in its US and European operations. The announcement comes after shareholders approved a $386 million debt and equity rescue package which handed 41 per cent of the company to US hedge funds Oaktree Capital and Centerbridge Partners. CEO Neil Fiske said the company was in the middle of a ‘complex and difficult turnaround.' Shares in Billabong International are trading up 1.37 per cent at $0.74.
The best and worst performers All major sectors are trading higher at noon. The best performing sector is Materials gaining 162 points to 10,774. Shares in Resolute Mining Limited
(ASX:RSG) have risen 6.35 per cent and trading at $0.67. Shares in Medusa Mining Limited
(ASX:MML) and Silver Lake Resources Limited
(ASX:SLR) are also stronger.
The sector with the least gains at noon is Consumer Discretionary, gaining 1 point to 1,832. Shares in Crown Resorts Limited
(ASX:CWN) have fallen 3.48 per cent, trading at $16.63. Shares in JB Hi-Fi Limited
(ASX:JBH) and G8 Education Limited
(ASX:GEM) are also lower.
Gold and the dollar
Gold is trading at $US1,320 an ounce.
The Australian dollar is buying $US0.8999.
