The Australian share market is flat at midday, strength in the telco’s offsetting falls in resources, amid mixed profit results out today.
The S&P/ASX200 index is down 3 points at 4,472 and on the futures market, the SPI200 is down 16.
To company news: Shares in Wesfarmers Ltd (ASX:WES) have fallen following an announcement from the company that annual net profit has risen by less than expected, 2.8 per cent to $1.57 billion. Revenue also increased by a modest 1.7 per cent to $51.83 billion for the twelve months to 30 June. A final dividend of 70 cents per share has been declared, bringing the total full year dividends to $1.25 fully franked. Shares in Wesfarmers are 1.32% down at $31.38.
Healthscope Ltd (ASX:HSP) has reported a 37 per cent increase in full year profit to $99.28 million and says continued growth is expected. The healthcare provider posted an 11.5 per cent increase in revenue to $1.8 billion for the year to 30 June. CEO Bruce Dixon says Healthscope is in great shape with profit performance and cash flow enabling the company to declare a fully franked dividend of 12 cents per share for fiscal 2010. Shares in Healthscope are up almost one per cent at $6.10.
Turning now to market indices: The best performing index Telco Services sector, up 17 points to 1,030. Shares in Telstra are 1.69% higher at $3.01. Shares Singapore Telecommunications and Telecom of New Zealand also higher at noon. The worst performing index is the the Consumer Staples sector, down 52 points to 7,727. Shares in Premier Investments dropped 0.76% to $6.50. Shares in Woolworths and Coca-Coal Amatil are also lower at midday.
To New Zealand now and the NZSX50 is up 10 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock up 0.48% at $2.09 followed by; ANZ Banking Group, Contact Energy and Fletcher Building.
To gold and the dollar: Gold is trading at $1229 US an ounce and the Aussie dollar is trading at 89.71 US cents.