Australian Stock Market Report – Midday 11/12/13
MID-SESSION REPORT
(12.30pm AEDT)
The Australian share market is back in the black today, rising by 0.3 per cent in early trade after the US Dow Jones and S&P 500 Indices notched up record gains again overnight.
Energy and mining players are leading the way locally, while there is still a bit of a switch out of the big four banks.
In company news, fertiliser and explosives maker Incitec Pivot (IPL) has suffered a 27 per cent drop in FY13 NPAT to $372M, impacted by a higher Aussie dollar, low global fertiliser prices and a decline in demand for explosives. Adjusted for earnings the result was down 18 per cent to $298M, in line with expectations. IPL shares are firmer by 6.9 per cent at lunchtime in the East to $2.79 while Orica (ORI) which beat the street with its FY result yesterday is firmer by another 5.9 per cent to $23.09.
Diversified energy business SP Ausnet (SPN) has also reported numbers in line with expectations, sending its share price higher by 1.2 per cent to $1.25. SPN made a net profit of $98M for the six months to September 30, down from $166M from the same period last year.
News Corp (NWS) has swung back in the black, with its 1Q profit coming in at US$38M, up from a loss of US$83M in the same period last year. However revenue missed expectation, sending its share price down 3.2 per cent to $18.41.
Business confidence came off post-election highs in October, dropping from a reading of plus 12 to a reading of plus 5 points. Conditions remained stable at a reading of minus 4 points.
The Aussie dollar is weaker against the greenback at US93.45c.
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