Australian Stock Market Report – Midday 11/15/2012


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(12pm AEDT)

Local stocks have hit a seven week low in the early session, dragged down by more falls on US and European markets overnight. Key banking, energy and mining stocks are all in the red, with the All Ordinaries Index (XAO) down 45.5pts or 1pct to 4365.2.

One bright spot is the retailers after Myer Limited (MYR) reported a one percent lift in first quarter sales, thanks to recent rate cuts which have sent consumers back to the shops. The department store's sales in the thirteen weeks to October 27 totalled $688 million, while on a comparable stores basis, sales were up 0.8pct on the previous period. MYR has risen 5.8pct in early trade to $2.115 while rival David Jones (DJS) is up 4pct to $2.555.

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This article appears in: Investing Commodities
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