Miners hold back gains on Australian market

Print Page Updated: 01:19:23 AM, Wed 20 February 2013

The share market is pushing higher, lifted by bank and healthcare stocks and despite a fall in major mining companies.

The All Ordinaries index had added 0.3 per cent, to 5,115 shortly before 12:00pm (AEDT), and the ASX 200 has gained the same amount, to 5,098.

Shares in BHP Billiton were down 1.1 per cent after the company announced half-year profits had halved, and the resignation of its chief executive Marius Kloppers.

Rival Rio Tinto had dropped more, down 1.3 per cent, and Fortescue Metals was down nearly 2 per cent.

Woodside Petroleum, which also reported results this morning, rose more than 3 per cent to $39.10.

Seven West Media's results disappointed investors, with a $109 million net loss due to $260 million in write-downs of its magazine and Yahoo!7 businesses (including Spreets), as well as redundancy and restructure costs.

Excluding those one-off costs, Seven West made a $142.3 million profit, but its shares were down more than 7 per cent to $2.34.

The dollar was also easing, buying 103.39 US cents.

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