The Australian share market has rallied on the first day of the financial year, climbing more than one per cent, led up by energy stocks and after European leaders resolved to address the region’s debt crisis.
The S&P/ASX 200 index is 52 points up at 4,147. On the futures market the SPI is 62 points higher.
Company news
Aristocrat Leisure Limited (ASX:ALL) has upgraded its half year profit to be in the range of between $30 and $33 million. The gaming company had reported net profit after tax of $24.9 million for the same period last year. The company says it expects continued net profit growth. Aristocrat is expected to see an expansion in its slot machine sales as new casinos in the US open. Shares in Aristocrat are trading down 12.14 per cent at $2.43.
Lend Lease Group (ASX:LLC) expects its operating profit after tax to increase to between $485 and $505 million. The forecast excludes profit from its Barangaroo project. The property and infrastructure developer reported operating profit after tax of $485.3 million for the same time last year. Lend Lease says the earnings update reflects a number of its construction project wins, the launch of new funds and successful recycling of capital. Shares in Lend Lease are trading up 4.58 per cent at $7.53.
Best and worst performers
The best performing sector is Energy gaining 277 points to 12,179. Shares in Karoon Gas Australia Limited (ASX:KAR) have risen 5.21 per cent and trading at $4.24. Shares in Beach Energy and Santos are also stronger.
The worst performing sector is Health Care, falling 34 points to 9,211. Shares in Sonic Healthcare Limited (ASX:SHL) have fallen 1.02 per cent and trading at $12.57 Shares in CSL and ResMed are also lower.
Gold and the dollar
Gold is trading at $US1,591 an ounce and the Australian dollar is buying $US1.023.
