Midday Market Analysis: New Week off to Good Start

Midday Market Analysis: New Week off to Good Start|ASX NewsThe Aussie market is enjoying strong gains so far today, currently 40 points (+1%) higher, at 4240.

Most sectors are in positive territory with materials, consumer discretionary and energy plays leading the charge higher.

In company news Amcor’s underlying earnings rose 14% to $304.7 million in 1H FY12, exceeding analyst expectations.

UGL has posted a 1H FY12 profit of $55.35 million, a 14.9% fall on the prior corresponding half. The result was below analyst expectations.

Finally, Billabong has continued its run higher today after confirming a $3 a share offer from private equity firm TPG. BBG is trading around $2.85.

Around the region, Asian markets are all higher; the Hang Seng is up 1%, whilst the Nikkei is 1.4% stronger.

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