Midday Market Commentary: Soft Start
The Aussie market is struggling so far today, currently trading 28 points (-0.7%) underwater, at 4270.
Most sectors are weaker, with utilities, materials and healthcare the worst performers whilst consumer staples, IT and telcos are the best.
In company news, Harvey Norman Holdings posted its 1H FY12 earning, showing a net profit of $129 million, a 2.1% fall compared to FY11. The result missed analyst expectations.
New Hope announced that it hasn’t received a suitable takeover proposal despite months of negotiation and is therefore ending the formal sale process.
Woolworths posted a 1H FY12 profit of $966.9 million, a 16.8% fall compared to the same period in FY11. The results missed analyst expectations.
Around the region, Asian markets are mixed; the Hang Seng is 0.4 weaker whilst the Nikkei is 0.6% stronger.