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Both major Australian indices put on more than two per cent in morning trade and at midday the S&P/ASX200 index was up 139 points, while the All Ordinaries added 130.
Meanwhile, US stocks closed higher on Friday as better-then-expected results from financial giant Citigroup helped shore up banking stocks. The technology sector lost ground though, following bleak outlooks from Microsoft and Google.
The Dow Jones Industrial Average ended the week up 49 points, while the tech-heavy Nasdaq fell 29.
In Asian trading today, Japan’s market was closed for a public holiday, while Hong Kong’s Hang Seng was up 649 points at midday.
In ASX news shares in travel retailer Flight Centre rose more than ten per cent this morning, after the group forecast that its full-year pre-tax profit would jump by about 40 per cent on last year.
Flight Centre said it expected to report profit to June 30th of around $212 million, and would be disappointed not to report a further 10-15 per cent growth in fiscal 2009. The group said continued strong performances in Australia, New Zealand, South Africa and the UK were key to its growth.
In other news, medical services group Primary Health Care said today that it’s agreed to sell its vitamin-making unit, Symbion Consumer, to French drug maker Sanofi-Aventis, for $560 million.
Primary acquired the unit as a result of its $2.6 billion takeover of parent group Symbion Health in February, and said that proceeds from the sale would be used to reduce debt. Shares in Primary Health were up 25 cents at midday today.
Finally, brewery group Foster’s today appointed non-executive director Ian Johnston as acting CEO, as outgoing boss Trevor O’Hoy stepped down.
O’Hoy’s departure was announced last month, following a poor performance by the group’s global wine operations. Foster’s said today that it expects to conclude a review of its wine section, as well as its search for a full time CEO, in the first half of fiscal 2009.
In individual share price movements on the ASX this morning, the major resource stocks all made strong gains. At midday, BHP Billiton was up $1.44, Fortescue Metals surged 70 cents, Rio Tinto added $3.54, while Woodside Petroleum put on $1.50.
The major banks all rose around three per cent this morning. At noon, ANZ was up 46 cents, Commonwealth Bank gained $1.19, National Australia Bank put on 83 cents, while Westpac added 52.
Other blue chips followed the rest of the market higher. AMP rose seven cents, News Corp. added 15, Telstra gained six cents, while retailer Woolworths put on 55.
Meanwhile, US stocks closed higher on Friday as better-then-expected results from financial giant Citigroup helped shore up banking stocks. The technology sector lost ground though, following bleak outlooks from Microsoft and Google.
The Dow Jones Industrial Average ended the week up 49 points, while the tech-heavy Nasdaq fell 29.
In Asian trading today, Japan’s market was closed for a public holiday, while Hong Kong’s Hang Seng was up 649 points at midday.
In ASX news shares in travel retailer Flight Centre rose more than ten per cent this morning, after the group forecast that its full-year pre-tax profit would jump by about 40 per cent on last year.
Flight Centre said it expected to report profit to June 30th of around $212 million, and would be disappointed not to report a further 10-15 per cent growth in fiscal 2009. The group said continued strong performances in Australia, New Zealand, South Africa and the UK were key to its growth.
In other news, medical services group Primary Health Care said today that it’s agreed to sell its vitamin-making unit, Symbion Consumer, to French drug maker Sanofi-Aventis, for $560 million.
Primary acquired the unit as a result of its $2.6 billion takeover of parent group Symbion Health in February, and said that proceeds from the sale would be used to reduce debt. Shares in Primary Health were up 25 cents at midday today.
Finally, brewery group Foster’s today appointed non-executive director Ian Johnston as acting CEO, as outgoing boss Trevor O’Hoy stepped down.
O’Hoy’s departure was announced last month, following a poor performance by the group’s global wine operations. Foster’s said today that it expects to conclude a review of its wine section, as well as its search for a full time CEO, in the first half of fiscal 2009.
In individual share price movements on the ASX this morning, the major resource stocks all made strong gains. At midday, BHP Billiton was up $1.44, Fortescue Metals surged 70 cents, Rio Tinto added $3.54, while Woodside Petroleum put on $1.50.
The major banks all rose around three per cent this morning. At noon, ANZ was up 46 cents, Commonwealth Bank gained $1.19, National Australia Bank put on 83 cents, while Westpac added 52.
Other blue chips followed the rest of the market higher. AMP rose seven cents, News Corp. added 15, Telstra gained six cents, while retailer Woolworths put on 55.
