Ignoring soft Wall Street leads, the Australian share market opened at a fresh four year high and is 0.5 per cent up at noon, riding a torrent of mostly positive earnings reports as investors focus on the busiest week of the current reporting season.
The S&P/ASX 200 index is 24 points up at 5,057. On the futures market the SPI is 35 points higher.
Company news
Amcor Limited
(ASX:AMC) shares have hit a record high in early trade after the company reiterated its full year profit guidance on the back of a positive first half result. The packaging company lifted its interim net profit by 16 per cent to $238.3 million, on the back of strong volume growth in emerging markets. Shares in Amcor are trading up 3.37 per cent at $9.21.
Construction and engineering services company Clough Limited
(ASX:CLO) has lifted its first half net profit to $43.2 million, and says its strong balance sheet and cash position affords it flexibility to pursue growth options in the coming year. CEO Kevin Gallagher highlighted a record order book and strong tender pipeline as featuring a number of good quality, near term opportunities across all of Clough’s businesses. Shares in Clough are trading up 1.72 per cent at $1.18.
Best and worst performers The best performing sector is Consumer Discretionary gaining 20 points to 1,530. Shares in Pacific Brands Limited
(ASX:PBG) have risen 7.53 per cent and trading at $0.79 after a strong first half profit rebound. Shares in Ardent Leisure Group ( ASX:AAD) and Fairfax Media Limited
(ASX:FXJ) are also stronger.
The worst performing sector is Telco Services, falling 35 points to 1,549. Shares in Telstra Corporation Limited
(ASX:TLS) have fallen 2.38 per cent, trading at $4.52. Shares in Singapore Telecommunications Limited
(ASX:SGT) and TPG Telecom Limited
(ASX:TPM) are trading slightly higher at midday.
Gold and the dollar
Gold is trading at $US1,614 an ounce and the Australian dollar is buying $US1.029.
