Australian Stock Market Report – Midday 11/26/2012

By Juliette Saly, CommSec Market Analyst,

Shutterstock photo

(12.10pm AEDT)

Local stocks are underperforming Wall Street in the early session, with investor apathy appearing to be at play. Despite predictions our market would rise by around 0.7pct today, at lunchtime in the East the All Ordinaries Index (XAO) is firmer by just 6.3pts or 0.1pct to 4437.8.

Mining stocks are well supported, thanks to gains in commodity prices on Friday. The spot iron ore price rose 0.2pct to US$118.90 a barrel, with Fortescue Metals Group (FMG) the best performer on the ASX 50 in the early session, firmer by 2.6pct to $2.77. BHP Billiton ( BHP ) has gained 0.5pct to $33.93 while Rio Tinto ( RIO ) is up 0.4pct to $57.43.

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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 Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: BHP , RIO

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