The share market is higher as investors are buoyed by signs Greece’s debt problems are set to be temporarily resolved.
The positive influence of statements from Greek officials that alternative reform proposals will be drawn up ahead of an EU loan extension deadline offset falls by several companies that posted disappointing earnings reports.
The market fell in early trade but picked up as the session progressed, with the All Ordinaries index up almost 0.5 per cent at noon (AEDT).
“The market finally saw confirmation of the agreement to the Greece bailout after weeks of negotiation, while local investors again were busy with a number of company reportings to digest,” Quay Equities head of trading Tristan K’Nell said.
But he expects no major movements in afternoon trade.
“I’m expecting a flat finish with no real reason to push higher after the mixed bag of reportings from this morning,” Mr K’Nell said.
BlueScope Steel was one of the worst performing stocks, despite a 62 per cent rise in underling half year profit, as investors were underwhelmed by the company’s expectations of weaker margins in the months ahead.
BlueScope shares were down 43 cents, or 7.75 per cent, at $5.12.
Brambles also fell, losing 13.5 cents to $10.585, after its half year net profit of $286 million was below market expectations.
The mining sector was mixed, with BHP Billiton down 7.5 cents at $32.225, Rio Tinto up 45 cents at $64.20 and Fortescue Metals one cent lower at $2.44.
Most other sectors were higher, including the banks, with Commonwealth Bank up 52 cents at $90.73, National Australia Bank up 26 cents at $37.74, ANZ up 24.5 cents at $35.055, and Westpac was 23 cents higher at $37.86.
Telstra had gained 2.5 cents to $6.635.
KEY FACTS
* At 1215 AEDT on Monday, the benchmark S&P/ASX200 index was up 27.7 points, or 0.47 per cent, at 5,909.2 points.
* The broader All Ordinaries index was up 28 points, or 0.48 per cent, at 5,873.6 points.
* The March share price index futures contract was 23 points higher at 5,868 points, with 12,332 contracts traded.
* National turnover was 776 million securities worth $1.6 billion.
