Australian Stock Market Report – Midday 2/21/14
By Steven Daghlian, CommSec Market Analyst | February 21, 2014 3:13 PM EST
The Australian sharemarket is higher at lunch for the sixth consecutive trading day and for the 11th time in 12 sessions. The All Ordinaries Index (XAO) is up 0.6 per cent, with the miners the start performers. The last time the XAO improved from Monday through to Friday was 14 months ago. Largely positive economic news in the U.S. (relating to jobs and manufacturing) helped lift global markets overnight.
The miners are leading the gains, rising by 1.2 per cent. BHP Billiton (BHP) is trading at its best level in 2.5 years, up 1.3 per cent. The smaller and more iron ore focused Rio Tinto (RIO) is 0.76 per cent firmer and at a 12 month high. Iron ore miner Fortescue Metals (FMG) is 2.2 per cent higher and hovering around the $6/share mark (a level it has struggled to rise above over the past few years).
Casino operator, Crown (CWN) posted a 64.3% rise in net profit to $382.5m. This was a weaker than expected result, partly blamed on weak consumer confidence. CWN declared an 18 cent/share, 50% franked interim dividend which will be payable to eligible investors on 11th April. CWN shares are down 4 per cent.
IAG, the owner of NRMA issued a 39.3% jump in half year net profit to $642m, together with a 15 cent half year dividend. The result was helped by cost cuts and was better than expected. IAG shares are up 1.7 per cent.
Energy company, Santos (STO), reported a weaker than expected full year profit of $516m. The result was boosted by record crude oil sales and higher gas and oil prices. Net profit was negatively impacted by a rise in depreciation expenses and exploration costs. STO is the largest producer of natural gas to the Australian domestic market, supplying around 14% of our gas needs. STO shares are down 2.6 per cent.
No major economic data is scheduled for release in Australia today.
The Australian dollar briefly rose above US90c this morning; however is now at US89.8c.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Derek Jeter With The New York Yankees Through The Years [IN PICTURES]
- George Clooney And Amal Alamuddin's Wedding In Venice: Photos Of Groom And His Family, Friends [Slideshow]
- NFL Recap - Week 4: Green Bay Packers 38, Chicago Bears 17 [PHOTOS]
- Melanoma Could Be Caused By Ageing Genes; Best Diet For Anti-Ageing; Celebrities Who Have Aged Gracefully
Join the Conversation
- Australian Stock Market Report – Afternoon September 29, 2014
- Australian Stock Market Report – Morning September 29, 2014
- Environment Ministry OKs $2.2B North Galilee Basin Rail Project On 23 Conditions
- Australian Stock Market Report – Midday September 30, 2014
- Australian Stock Market Report – Afternoon September 30, 2014
- Forget Nexus 6 Release Date, Android Phones Will Soon Showcase Pure Google Apps & Features
- Galaxy Note 4 Pre Order Starts in the US, Get Samsung Note Ahead of October 14 Release
- $249.99 Motorola Moto 360 Smartwatch's First Promo Out; 'Stone Leather' Replaces 'Gray Leather' - Available In BestBuy [Watch Video]
- BlackBerry Passport Sold Out As Preorders Reached 200,000
- iPhone 6 vs Moto G 2014: Motorola’s Budget Smartphone Takes On Apple’s Premium Smartphone
- iOS 8 And iOS 8.0.2 Security Flaw Revealed, Anyone Can Easily Bypass Touch ID And Passcode Security Features
- Australia Cracks Down On International Money Laundering Syndicate