Australian Stock Market Report - Midday

Despite a slow start on news the Australian government is removing its guarantee of the major banks, financial stocks are all performing well at lunchtime. Shares in Westpac (WBC) are the best out of the big four, up 1.4pct to $22.93.

The big miners are also performing well, despite weaker metals trade in London on Friday night. Shares in BHP Billiton (BHP) have firmed by 1.2pct to $40.03 ahead of the release of its 1H results on Wednesday while rival Rio Tinto (RIO) shares are up 1.3pct to $67.44.

Shares in the Ten Network (TEN) have added 10.2pct to $1.67 after the government announced rebates to the networks to help boost Australian content.

Shares in JB Hi-FI (JBH) are trading lower, down 4.7pct to $19.16 despite the retailer posting a record 1H profit result, up 29pct to $76 million.

The Australian dollar is buying US86.69c.