LUNCHTIME REPORT (12pm AEDT)
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 (
) 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 (
) 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 (
) 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
And fertiliser and explosives maker Incitec Pivot (
) 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
Juliette Saly, CommSec Market Analyst
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