Midday: ASX buoyed by strong earnings

Market Reports

The Australian share market followed Wall street higher this morning despite US, Eurozone and Chinese economic data coming in weaker than expected. The ASX is more than 0.5 per cent up at noon. 
 
The local bourse was buoyed by a raft of strong earnings results with Telstra, Fairfax, Goodman and Crown Resorts all reporting positive profit results. 
 
The S&P/ASX 200 index is 35 points up at 5,550. On the futures market the SPI is 34 points higher. 
 
Company news
 
Singapore Telecommunications Limited’s (ASX:SGT) SINGTEL’s Australian arm Optus has reported a 1.8 per cent dip in first quarter net profit. The result for Optus was impacted by a fall in mobile services revenue. Singtel group’s net profit for the three months to June was down 17.4 per cent year on year due to exceptional items and currency impacts. Shares in Singtel are trading up 0.03 per cent on the news at $3.35
 
Shares in QRxPharma Limited (ASX:QRX) have plunged more than 50 per cent on the news they will halt development of Moxduo. The pharmaceutical company announced in late May the pain drug had failed to receive approval from the US Food and Drug Administration. The company says the time and cost of further development would not be commercially justifiable. Shares in QRxPharma are trading down 50.68 per cent at $0.04
 
Best and worst performers

The best performing sector is health care, gaining 2.3 per cent to 14,790. Shares in Mesoblast limited (ASX:MSB) have risen 4.46 per cent and trading at $4.22. Shares in CSL Limited (ASX:CSL) and Sirtex Medical Limited (ASX:SRX) are also stronger. 
 
The worst performing sector is materials, falling 0.1 per cent to 10,245. Shares in Mount Gibson Iron Limited (ASX:MGX) have fallen 2.11 per cent, trading at $0.70. Shares in OZ Minerals Limited (ASX:OZL) and Western Areas Limited (ASX:WSA) are also lower.

Gold and the dollar

Gold is trading at $US1,311 an ounce.
The Australian dollar is buying $US0.9299