Australian Stock Market Report – Midday 2/24/14
By Juliette Saly, CommSec Market Analyst | February 24, 2014 3:12 PM EST
The Australian share market is moving higher for the seventh session in a row, despite falls on global markets on Friday.
An office worker is reflected in the window of the Australian Securities Exchange building displaying the ASX50 curve for Wednesday in central Sydney August 7, 2013.
At lunchtime in the East, the All Ordinaries Index (XAO) is firmer by 0.3 per cent to 5463.
Telstra (TLS) is one stock heading backwards, as the company trades without rights to its 14.5 cent per share dividend. TLS shares are lower by 14.5c at lunchtime to $5.105.
Elsewhere, Transfield Services (TSE) shares are up 19 per cent to 94.5c after announcing to the market it has received a Letter of Intent from the Commonwealth for a $1.2 billion contract to provide protection and welfare services over a 20 month period at Australia's offshore processing centres on Nauru and Manus Island.
In reporting season news, energy firm Caltex (CTX has reported a 28 per cent slide in full year profit to $332 million in part due to the impact of the falling Australian dollar. Taking out the effect of fluctuating oil prices, FY profit came in at $530 million. CTX will pay a fully franked final dividend of 17c per shares. CTX is up almost 2 per cent at lunchtime in the East.
Bluescope Steel (BSL) has swung to a first half profit of $3.7 million, compared to a $23.8 million loss this time last year. Record low interest rates in Australia helped the result, boosting demand for steel used in the building of new homes.
Telecommunications company M2 Group Limited (MTU) has reported record revenue and earnings in the first half, with net profit up 26 per cent to $30.9 million. The company will pay an interim dividend of 11.5 cents per share, up 15 per cent on the prior period. MTU shares are a little weaker at $6.61.
So far on the market, 833 million shares have changed hands, worth $2.1 billion.
The Australian dollar is weaker, buying US89.71c.
[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
Join the Conversation
- Forget Nexus 6 Release Date, Android Phones Will Soon Showcase Pure Google Apps & Features
- Boxing News 2014: Social Media War Between Boxers Continues As Pacquiao Repeats Comment That Mayweather Acts Like Uneducated Person, While Ignoring ‘Miss Pac Man’ Post
- 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
- 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