Midday: ASX soars 1.2% as earnings flood

Market Reports

Rebounding from yesterday’s falls the Australian share market has soared more than 1 per cent to session highs after global markets rose overnight. The gains follow upbeat economic indicators showing Euro zone and Chinese manufacturing is growing and America’s job’s market is recovering. On Australian shores the mining, gold and energy sectors are pushing the broader bourse higher as earnings reports continue to flood into the biggest week of reporting season. 
 
Figures
 
The S&P/ASX 200 index has soared 60 points and is sitting at 5,136. On the futures market the SPI is 73 points higher. 
 
Reporting season results 
 
Shares in IOOF Holdings Limited (ASX:IFL) have gained 2.24 per cent after the financial services company increased its annual net profit by fourfold to $79.8 million and spruiked its solid platform for future growth.   
 
Shares in Sims Metal Management Limited (ASX:SGM) have climbed 6.29 per cent after the metal recycling company narrowed its full year net loss to $466 million and said cost cutting initiatives are continuing. 
 
Shares in Qube Holdings Limited (ASX:QUB) have firmed 0.83 per cent after the logistics group swung to an annual net profit of $77 million from a loss the year before and forecast earnings growth in the year ahead. 
 
Shares in Infigen Energy (ASX:IFN) have risen 1.69 per cent after the wind power producer posted a net loss of $80 million but predicted its US and Australian businesses will benefit from a full year of cost savings. 
 
Best and worst performers
 
The best performing sector is energy gaining 241 points to 13,796. Shares in Drillsearch Energy Limited (ASX:DLS) have risen 5.7 per cent and trading at $1.39. Shares in Beach Energy Limited (ASX:BPT) and Buru Energy Limited (ASX:BRU) are also stronger. 
 
The worst performing sector is utilities, dipping 7 points to 5,338. Shares in DUET Group (ASX:DUE) have fallen 1.2 per cent, trading at $2.06. Shares in Energy World Corporation Limited (ASX:EWC) and Spark Infrastructure Group (ASX:SKI) are also lower. 
 
Gold and the dollar
 
Gold is trading at $US1,375 an ounce. 
The Australian dollar is buying 90.18 US cents.