Local shares track Wall St higher
Aussie shares followed a strong lead from Wall Street overnight to be 0.6% higher by midday. Financials led gains after Macquarie beat profit expectations, while energy stocks were boosted by a rise in the price of crude.
At noon, the All Ords rose 25.7 to 4,841.8, while the ASX/200 gained 27.5 to 4,813.1. Around 1 billion shares worth around $4.5 billion had changed hands.
Macquarie Group jumped $2.07, or 4.3% to $50.42 after the investment bank beat forecasts with a 21% rise in full year profit to $1.05 billion.
CBA and Westpac were the best of the big four banks, up 1.2% and 1.6% to $27.32 and $58.47 respectively.
NAB added 19c to $28.20, while ANZ was relatively flat after featuring heavily in broker reports this morning after releasing half-year results yesterday. Only RBS upgraded its target price on the stock.
Insurers hovered between 0.6% and 1% higher, however QBE bucked the trend to be down 14c to $21.06.
The Banks and Financials sector advanced 1.1%.
Westfield led the Property Trusts Sector 1.9% above the gain line with a 37c, or 3% climb to $12.83 from Westfield.
It was more of a mixed morning for the Materials and Resources sector after base metals prices in London dropped due to weak sentiment and poor technicals.
BHP Billiton gained 40c, or 1% to $40.90, while Rio Tinto was up a more subdued 16c to $72.75.
Aquarius Platinum jumped 3% to $7.18.
Building materials companies James Hardie, Fletcher Building and Boral gained 2.8%, 1.2% and 1.5% respectively.
Gold stocks underperformed after the price of the precious metal weakened in New York. Newcrest and Lihir retreated 1.3% and 1% to $33.17 and $3.82.
OZ Minerals slumped 3c, or 2.5% to $1.165.
The Energy sector advanced 1.3% after the price of crude jumped 2.3% due to a fall in US weekly unemployment claims and on optimism of an economic recovery.
Santos was the major improver, up 42c, or 3.1% to $13.95.
Woodside and Santos both added 0.9%, while Origin gained 1.6% to $16.35.
Caltex added 10c to $11.68. The company said yesterday abandoned plans to buy more than 300 Mobil service stations.
Industrials edged 0.1% higher after sector heavyweights and mid-caps countered one another. This was best summarised by Leighton and Brambles.
Leighton added 26c, or 0.7% to $36.83, while Brambles lost 4c, or 0.5% to $7.26.
Consumer Staples underperformed to be 1% in the red. Sector heavyweight and market top-20 company Wesfarmers fell 61c, or 2% to $29.22.
Beverage stocks Coca-Cola Amatil and Foster’s dipped 1.6% and 1.1%.
Woolworths edged 10c higher to $27.01 after reporting a 4.7% increase in third quarter sales to $12.9 billion compared to the same period last year.
Healthcare slid 0.3% despite ResMed rallying 4.9% to $7.02 after beating expectations with a 22% jump in revenue.
CSL and Sonic were down 0.9% and 1% to $32.48 and $13.81 respectively.
Around the region, the Nikkei 225 climbed 150.6 to 11,075.4, while the NZSE50 advanced 9.8 to 3,292.0. The Strait Times Index rose 18.7 to 2,977.8.
Spot gold was trading at US$1,172.20 per ounce, while the Aussie was buying US$0.9296.
AWE hit by BassGas maintenance
AWE said that oil and gas revenue for the quarter fell 3% to $78 million as the oil producer was hit by lower production, offset by a small increase in oil sales. Oil and gas production was 1.12 million BOE, down 23% on the previous quarter primarily due to the maintenance shutdown at BassGas, AWE said.
Half way through the day, AWE shares were trading up 7c to $2.49.
MAp proportionate EPS up 20%
MAp Group said proportionate earnings per share rose 20% in the March quarter to 5.4c compared to the previous corresponding period. In its Management Information Report, the company said EBITDA after corporate expenses increased 15.6% to $186.6 million on proforma pcp.
At midday, MAp shares were up 1c to $3.12.
Woolworths sales up, growth guidance down
Woolworths reported a 4.7% increase in third quarter sales to $12.9 billion compared to the same period last year. The company revised its sales growth guidance for the year downwards to between 3% and 6% due to greater than anticipated impact on sales of low food and liquor inflation and the cycling of the prior year stimulus.
Half way through the day, Woolworths shares were up 8c to $26.99.
ResMed quarterly revenue up 22%
ResMed Inc. said revenue for the March quarter was US$278.7 million, a 22% increase over the previous corresponding period. The company said income from operations was US$61.2 million and net income was US$48.8 million, an increase of 16% and 25%, respectively, compared to the pcp.
By midday, ResMed shares were up 33c to $7.02.
Macquarie full year profit jumps 21%
Macquarie Group announced a net profit after tax attributable to ordinary shareholders for the year to 31 March 2010 of $1.05 billion, an increase of 21% on the previous year and slightly ahead of consensus expectations. The company said the result reflects improved market conditions and the diversification and global reach of the businesses.
By noon, Macquarie shares were trading up $2 at $50.35.
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