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Following a rebound in optimism on US and European markets over night the Australian share market opened higher this morning and is more than 1 per cent up at noon.
With the economic outlook in the US growing increasingly strong, and with tensions in the Middle East and Ukraine appearing isolated from the markets, we’ve seen yield on US bonds remain steady along with the gold price.
The S&P/ASX 200 index is 59 points up at 5,516. On the futures market the SPI is 66 points higher.
Company news
GPT Group (ASX:GPT) has posted a 6.4 per cent dip in first half net profit of $240.6 million, while full year growth in earnings per share is forecast at 3 per cent. The diversified property manager has reported earnings per share growth of 4.5 per cent in the first six months of this year as compared to the same period last year. A dividend of $0.105 per share will be paid on 12 September. Shares in GPT Group are trading up 0.63 per cent at $4.03.
The home improvement arm of Woolworths Limited (ASX:WOW) has reported a loss in earnings of $169 million as compared to $138.9 million in the previous year. The company says it is disappointed it won’t reach guidance and does not expect the division to reach break-even point in 2016. Shares in Woolworths are trading down 0.08 per cent at $35.84.
Best and worst performers
All major sectors are up today. The best performing sector is industrials, gaining 1.4 per cent to 4,134. Shares in NRW Holdings Limited (ASX:NWH) have risen 5.7 per cent and trading at $1.02. Shares in Bradken Limited (ASX:BKN) and Skilled Group Limited (ASX:SKE) are also stronger.
The sector with the least gains is utilities, gaining 0.4 per cent to 5,972. Shares in APA Group (ASX:APA) have gained 0.7 per cent, trading at $7.61. Shares in Spark Infrastructure Group (ASX:SKI) and DUET Group (ASX:DUE) are also higher.
IPO
SpeedCast International Limited (ASX:SDA) started trading today. The satellite service provider floated with an issue price of $1.96, opened at $1.95 and is currently trading at $1.96.
Gold and the dollar
Gold is trading at $US1,307 an ounce.
The Australian dollar is buying $US0.9268
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