Australian Stock Market Report – Midday 8/23/13

MID-SESSION REPORT
(12pm AEST)

The Australian share market is rebounding in early trade following a positive session on offshore markets overnight. The NASDAQ rose more than one per cent despite a computer glitch which stopped trading for three hours.

Mining, energy and financial players are all making solid gains with gold producer Newcrest Mining (NCM) firmer by almost five per cent on a firmer gold price.

Another busy day on the reporting calendar.

Today we have heard from property and infrastructure group Lend Lease (LLC). LLC has reported a 10 per cent rise in FY13 NPAT to $551.6M and will pay a final dividend of 20 cents per share. Analysts say the result looks better than it actually is, with profit boosted by asset sales during the period. LLC shares are firmer in the early session to $9.21.

Mining and exploration company Mount Gibson Iron (MGX) has reported a 2.9 per cent drop in FY13 profit to $157.3M, with its second half boosted by strong prices and a weak Australian dollar. MGX will pay a final dividend of 2 cents per share. MGX is steady at lunchtime at 69c.

Gaming company Crown Limited (CWN) saw its full year net profit fall 23 per cent to $395.8M after booking a $99.4M loss on the sale of its stake in Echo Entertainment. Shareholders will receive a final dividend of 19 cents per share. CWN shares are up almost 7 per cent at lunch to $14.51.

On the market so far, a total of 760 million shares have changed hands, worth $1.8 billion. 487 are up, 247 are down and 273 are unchanged.

The Australian dollar is back above US90c following a positive session on Wall Street.

Ahead tonight, data on new home sales is released in the US.

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