Midday: Aus shares edge 0.3% up

Market Reports

The Australian share market dipped into the red at open but has moved back into positive territory trading 0.3 per cent up, led higher by telco services.
 
The S&P/ASX 200 index is 13 points up at 4,378. On the futures market the SPI is 19 points higher. 
 
Economic news 

The minutes to the RBA’s monthly board meeting reveal domestic economic growth overshadowed a fragile global outlook in its decision to extend an interest rate hold for a second consecutive month. 
 
Company news 

Consolidated Media Holdings Limited (ASX:CMJ) has seen a 15.7 per cent decline in its full year net profit to $85.8 million, largely due it says, to the acquisition of Austar. The media company’s underlying results for each of its subscription television investments were strong despite slow subscriber growth. Consolidated also revealed it will sign a deed for the $2 billion takeover deal from Rupert Murdoch’s Australian arm News Limited in the next six weeks and is pending shareholder approval as well as other remaining conditions. Shares in Consolidated Media are trading steady at $3.44.

Arrium Limited (ASX:ARI) formerly known as Onesteel, has seen a 75 per cent drop in its full year results, booking a net profit of $58 million down from $230 million. The results are in line with its guidance and the mining and steel company says the slump in profit was due to the write down of property, plant and equipment assets of $125 million. Shares in Arrium are trading up 8.64 per cent at $0.88.
 
Best and worst performers

The best performing sector is telco services gaining 17 points to 1,289. Shares in Telecom Corp of New Zealand (Australia) (ASX:TEL) have risen 1.89 per cent and trading at $2.16. Shares in TPG Telecom and Telstra are also stronger. 
 
The worst performing sector is Consumer Staples, falling 42 points to 8,493. Shares in Amcor Limited (ASX:AMC) have fallen 2.59 per cent, trading at $7.52. Shares in Wesfarmers are trading ex-dividend and are lower along with Mirvac Group.
 
Gold and the dollar 

Gold is trading at $US1,623 an ounce and the Australian dollar is buying $US1.047.

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