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• Australian Stock Market Report – Midday 11/6/2012
• Morning Copper Market Report 11/06
• The Nemenoff Report Bonds Lower, S&P's higher, Silver Higher

• WBC 0% Rate It

AFTERNOON REPORT
(5pm AEDT)

Local stocks received a boost in the afternoon session, after a volatile day which saw the main index see-saw between positive and negative territory. By close, the All Ordinaries Index (XAO) was firmer by 10.3pts or 0.2pct to 4493.6.

Westpac ( WBC ) today came out with its full year cash profit, a rise of 5pct to $6.6 billion. Net profit fell 15pct to $5.97 billion due to tax implications from its takeover of smaller rival St George. Westpac CEO Gail Kelly today called for the Reserve Bank to deliver another rate cut when it meets tomorrow, saying it would be beneficial for consumer confidence. Ms Kelly also reiterated that bank funding costs remain high "We are not yet at the position where average funding costs are coming down," she said today. WBC shares have risen 25pct year to date. Meanwhile, Macquarie Group (MQG) also looked strong today, its share price firmer by 1.6pct to $31.14.

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