The Australian market is defying the pessimists as the big banks and miners pull the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) into the black in late morning trade.
The top 200 stock benchmark is 0.3% higher after briefly dipping into the red in early trade although National Australia Bank Ltd. (ASX: NAB) was the only one of the big four banks to fall after it emerged from its trading halt.
Shares in NAB fell 1.9% to $34.53, although that should be seen as a good outcome given that it is looking to raise $5.5 billion through a discounted share issue price at $28.50 a pop.
Source: NAB Trade / Brendon Lau
However, it was waste and industrial services company Transpacific Industries Group Ltd. (ASX: TPI) that is right at the bottom of the ASX 200 ladder with a 10.9% plunge to a three-and-a-half-year low of 69.5 cents after its chief executive Robert Boucher resigned.
But there was enough good earnings news to keep the bulls in charge. Building materials company CSR Limited (ASX: CSR) tops the ASX 200 leaderboard just ahead of lunch with the stock jumping 7.2% to $4.02 after it posted a better-than-expected full year result.
The stock is heading higher and you can find out why by clicking here.
National carrier Qantas Airways Limited (ASX: QAN) is in second place with a 6.3% takeoff to a seven-year high of $3.53 after it signaled that it could resume paying dividends as fuel costs are estimated to fall around $550 million compared to last year.
Explosives company Orica Ltd (ASX: ORI) is also among the outperformers after its stock jumps 2.4% to $20.68 following its half-year results announcement. While management is expecting tough times to continue, it has managed to slash operational costs.
