Thanks Tweets. Half-time round-up:Some bright profit results and...

Thanks Tweets. Half-time round-up:

Some bright profit results and a bounce in BHP helped the Australian share market inch to a new 10-month high this morning.

At lunchtime the ASX 200 was ahead 6 points or 0.1% at 4936, with gains for miners, oilers, industrials and telecoms offsetting falls in health stocks and banks.

Qantas and Santos were among the market heavyweights to rally after delivering earning reports. Wesfarmers hit a two-year high in early trade after reporting a 33% rise in earnings but was recently down 0.1%.

"Looking at individual stocks, we've got a recovery in BHP after profit-taking yesterday," CMC Markets strategist Ric Spooner told Fairfax. "The market seems to be pricing the banks more optimistically, also Qantas is up as well on their results."

In economic news, the Reserve Bank has revised upwards its inflation outlook following the recent devastating floods and cyclone damage in Queensland and Victoria. The central bank has raised its headline inflation rate forecast from 2.5% a few weeks ago to 3%, Reserve Bank assistant governor Philip Lowe told a Sydney audience this morning.

Asian markets improved this morning. Japan's Nikkei rallied 0.38%, Shanghai 0.2% and Hong Kong's Hang Seng 0.07%. Dow futures were recently at -2.

Crude oil futures rallied another 16 cents this morning to $85.16 a barrel. Spot gold was $1.30 stronger at $1,376.30 an ounce. The dollar was buying US $1.0044.


Plenty of pullback action this morning for a trader of my ilk. Bounce scalps closed in BYR, MYG, GOR, BTA and SPL. Currently holding ZRL.