The Australian share market is trading flat at midday, with the major banks like Westpac and the Commonwealth Bank helping to lift the market off earlier lows and counter falls by those companies like Emeco Holdings who were cautious with their full year outlooks.
The S&P/ASX200 index is flat at 4,562 and on the futures market the SPI200’s up a point.
In company news: Hospital owner Healthscope Ltd (ASX:HSP) has reported a 17% rise in profit to $45.1 million for the six months to December 31, 2009, up from $38.4 million recorded in the first half of 2008. Revenue rose 9% to $905 million during the period, with the company declaring a dividend of 11.5 cents a share up 9.5% on the same period a year ago. Looking ahead the company says earnings in the second half are expected to be stronger than the first half. Shares in Healthscope fell 3.89% to $4.45.
Household fixtures and fittings supplier GWA International Ltd (ASX:GWT) has sold its Rover Mowers business to MTD Products Australia, the Australian arm of US MTD Products. The company says the final proceeds from the sale are dependent on Rover’s working capital levels at completion, but are expected to be between $10 and $12 million. GWA says it will book a net loss of $3.4 million in its first half results to reflect trading results and asset write-downs as a consequence of the sale but says this will not impact on dividend payments. Shares in GWA International are steady at $3.08.
Turning now to market indices: The best performing sector at midday is the Telco Services index, up 16 points at 1,085. Shares in iiNet rose 2.33% to $2.20. Shares in Telstra and Pipe Networks are also higher.
The worst performing sector at midday is the Materials index, down 65 points to 11,965. Shares in Aditya Birla fell 4.67% to $1.02. While shares in Macarthur Coal and Equinox Minerals are also lower at noon.
Looking to New Zealand and the NZSX50 is 12 points lower. Taking a look at the top 4 stocks by turnover: At the top is Telstra, stocks down 1.23% at $4, followed by Telecom New Zealand, ANZ and Fletcher Building.
To gold and the dollar: Gold is trading at US$1,094.40 an ounce and the Aussie dollar is trading at 88.71 US cents.