Midday Market Analysis: New Week off to Good Start
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.