The Australian share market was higher at noon, buoyed by financial stocks.
All Ordinaries index had gained 16.7 points, or 0.37 per cent, at 4474 points.
Some analysts are saying "The strength is largely with the financials: the banks are up ... and some of the insurers like QBE are also the biggest drivers for the market today, The biggest news which has come through the market: Harvey Norman posted some pretty good results. They have given a bit of a boost to some of the stocks in the retail sector."
Australia is set to post a second consecutive quarter of economic growth, which would beat Reserve Bank expectations following a run of better-than-expected economic data, economists say.
The national accounts published by the Australian Bureau of Statistics (ABS) are expected to show gross domestic product (GDP) grew by 0.7 per cent in the June quarter, according to the median of 14 economists surveyed by AAP.
Coal producer Gloucester Coal Ltd (GCL) says it achieved a record net profit of $81.7 million for the full year, up from $23.4 million a year ago. The company says the result was based on revenue from the sale of coal of $307 million compared with $160 million in fiscal 2008, achieved through record sales prices for Gloucester coking and thermal coal.
Medical diagnostic services provider Sonic Healthcare Ltd (SHL) has posted a 29 per cent jump in full year profit today.Net profit for the 12 months to June 30 rose to $315 million, on revenue of $3.014 billion which was 27 per cent higher than fiscal 2008. Looking ahead the company says its outlook for the 2010 fiscal year is positive, with profit expected to grow by 10 - 15 per cent.
Metal recycling company Sims Metal Management Ltd (SGM) has reported a net loss of $150.3 million for the year due to impairment charges but expects to improve its performance in fiscal 2010.The net loss compares to a profit of $440 million the year before.
Coal and iron ore miner Aquila Resources Ltd (AQA) has today announced that China’s largest steel maker Baosteel is to invest $285.6 million to acquire a 15 per cent stake in the company. The investment will be through a placement of 43.95 million shares at $6.50 a share. Aquila says the investment will help the company fast-track the development of Aquila’s key steel raw materials projects including iron ore and manganese. The company says Baosteel will work closely with it to source low cost financing from Chinese financial institutions for most of its major projects. Aquila Resources shares rose 9.77 per cent to $7.19.
The best performing sector at midday is the Health Care index up 160 points to 8,502. Shares in Sonic Healthcare up 9.37 per cent at $14. Shares in CSL and Ansell are also stronger at noon.
The worst performing sector at midday is the Real Estate Investment Trust index, down 8 points at 864. Shares in Westfield Group down 2.79 per cent to $12.55. Shares in Mirvac Group and Stockland are also lower.
Gold is currently trading at $950.60 US an ounce and the Aussie dollar is trading at 84.13 US cents.
On Mobility - Avoid putting down roots. They impede motion. - Do not become trapped in a souring venture because of sentiments like loyalty and nostalgia. - Never hesitate to abandon a venture if something more attractive comes into view.
