Australian Stock Market Report - Midday 11/14/2011

By Vittorio Hernandez,

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Investor optimism has returned following weekend developments in Europe, sending the local share market up sharply in early trade. After reaching a high of 4423 points in the first half hour of trade the All Ordinaries Index (XAO) is up 33.8pts or 0.8pct at lunchtime in the East to 4392.4. 

Financial, energy and mining stocks are recording solid gains with the energy sector firmer by 1.5pct. Bluescope Steel ( BSL ) in the materials sector has added 3.3pct to $0.795 on a broker upgrade to "Outperform".

200 companies hold their AGMs this week while a raft of companies are also releasing earnings.

Paint maker Dulux ( DLX ) has reported a 52pct increase in FY profit to $93.24 million and forecast further improvement in the year ahead. Included in the result were a one-off tax consolidation and a $3 million insurance benefit related to the flooding of its Brisbane manufacturing plant earlier this year. DLX shares are firmer by 4.5pct in early trade to $2.81.

Meanwhile agribusiness Elders ( ELD ) has posted a $395.4 million annual loss, worse than last year's $217.6 million loss. However ELD has forecast improved performance for this financial year. Its share price is down 2pct to $0.25.

And fertiliser and explosives maker Incitec Pivot ( IPL ) has lifted annual profit by 13pct. The company also has a positive view of the long-term outlook for global fertilisers. IPL shares are firmer by 0.6pct to $3.54 in early trade.

The Australian dollar is worth US102.97c, £0.6413 and €74.83c.

Juliette Saly, CommSec Market Analyst

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: BSL , DLX , ELD , IPL

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