Australian Stock Market Report - Midday 10/20/2011

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MIDDAY REPORT (12pm AEDT)

The volatility continues on the local share market, with the market trading lower for the second session this week. European share markets rose overnight on hopes leaders will come up with a plan this weekend to deal with the region's debt crisis. But US share markets eased on mixed economic data and as lower than expected earnings from Apple weighed on technology stocks. The All Ordinaries Index (XAO) is down 58.2pts or 1.4pct at lunchtime in the East to 4216.

Mining stocks are the biggest drag, in response to weaker commodity prices and after Australia's largest gold producer, Newcrest Mining (NCM), reported a drop in September quarter output. Shares in NCM are lower by 4.8pct to $34.05 while Rio Tinto ( RIO ) is down 2.2pct to $63.63.

Wesfarmers ( WES ), the owner of the Coles supermarkets, is trading lower by 1.7pct to $31.64. Coles saw an 8pct rise in quarterly sales to $8.09 billion however Wesfarmers has warned the supermarket chain is facing challenging trading conditions in the lead-up to Christmas. 

The Australian dollar is buying US102.42c, £0.6496 and €74.41c.

 

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

Referenced Stocks: RIO , WES

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