Sharemarket and Market Trading News

The ASX All Ordinaries has broken a support line at around 4820, this movement could prove to be a weak correction, especially if the secondary support at 4730 holds. Shares could open flat to start the week off on Monday but may end up in higher territory due to a recent jump in oil prices and gold on Friday night. On the flip side, the Aussie markets may be a little cautious due to the Presidents' day Holiday. This week is the arguably biggest week for the ASX market with over 70 major companies posting earnings as part of our local "Profit Reporting Season".

Computershare the share registry operator is looking to reap revenues to hit at least $1.5 billion for 2005/06 period given the condition that key markets such as the United States remain healthy. However it isn't all good news: Computershare announced a 5 per cent fall today in first-half net profit to $65.78 million. But looking ahead, Computershare reaffirmed its 2005/06 earnings guidance and said it expected earnings per share (EPS) of at least 29¢ per share. For 2004/05 Computershare posted revenues of $1.10 billion with an EPS (earnings per share) at 24.27¢. CEO Chris Morris said that he "can now proudly say that Computershare has become a leading player in the North American market, evidenced by the US contribution to the result this half."

Telstra [TLS] shares fell on the news that the telecommunications carrier's latest earnings have fallen by 10 per cent for the first half of the 2005/2006 business year. There may be a positive sweetner to the deal with a promise to maintain an annual dividend payout at 28 cents per share until the 2008 financial year. Telstra reported a $2.14 billion net profit for the six months to December 31, down 10.3 per cent from $2.39 billion in the previous corresponding period. Sol Trujillo the Chief executive of Telstra said customers had continued to ditch its fixed line calling products in favour of internet and mobile products.