daytrades feb 24 afternoon, page-2

Thanks HLL

The Australian share market was lower at noon on Wednesday as weaker base metals prices pulled back the resources sector.

All Ordinaries index had dropped 59.3 points, or 1.25 per cent, at 4,671.7.

Analyst said a number of factors were pulling the market back, including lower prices for base metals, some mixed company earnings results, stocks trading ex-dividend, and a weaker market in Japan. But it's mostly resources (weighing upon the market) as a result of a weaker lead in base metals prices and commodity prices. That's where most of the weakness is.

According to data released by the ABS, Australias wage price index rose 0.6% in the fourth quarter, and construction work done in the fourth quarter rose 2.6%.

Financial services company Suncorp-Metway Ltd (SUN) has reported a 41% rise in first half profit to $364 million today, however the company cut its dividend in an effort to preserve cash. The result fell in the middle of the companys previous guidance range for between $355 and $375 million profit. The company declared a dividend of 15 cents a share for the half, down 5 cents on the same period a year ago. Suncorp posted a $348 million profit for fiscal 2009.

Oil and gas producer Woodside Petroleum Ltd (WPL) reported a 2.1% rise in profit to $1.824 billion for 2009, compared to $1.786 billion in 2008. Underlying net profit excluding one-off items, rose 4% to $1.906 billion compared to $1.832 billion in 2008. 2009 sales revenue of $4.352 billion was lower than the year before despite record sales volumes of 80.7 million barrels of oil equivalent. Production for the year dropped 0.5% to 80.9 million barrels of oil equivalent with the company forecasting output of 70 to 75 million barrels of oil equivalent in 2010. Woodside declared a final dividend of 55 cents a share. Shares in Woodside Petroleum fell 1.26% to $43.85.

Budget airline Virgin Blue Holdings Ltd (VBA) has returned to profitability posting earnings of $62.5 million for the six months to December 31, 2009 compared to a loss of $101.4 million for the same period the year before. Revenue rose 12.2% to $1.516 billion up from $1.351 billion in the first half of fiscal 2009. Virgin Blue confirmed its forecast for profit before tax of between $80 and $110 million for fiscal 2010. Despite the pleasing result CEO Brett Godfrey cautioned that the operating environment is still uncertain and the concerns remain around the pace of the global economic recovery and the continuing uncertainty in domestic and international markets. Virgin Blue Holdings shares added 1.61% to $0.63.

Majority of sectors are in the red at midday, however the sector with the smallest loss is the Utilities index, down 22 points at 4,206.

The worst performing sector at midday is the Industrials index, down 20 points to 3,920. Shares in Ausenco fell 6.47% to $4.05.

Gold is trading at US$1,104.65 an ounce and the Aussie dollar is trading at 89.19 US cents.

SUN: Quick trades 8.79/8.86 and 8.70/8.75
QAN:2.57/2.61
HTX:10c/105c
EDE:[email protected]

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/