MIDDAY REPORT (12pm AEDT)
The Australian sharemarket is losing ground for the third time
this week with the All Ordinaries index (XAO) down 1.4 pct or 60
pts to 4278.9. No sectors are being spared from the selloff at
Uncertainty in the Eurozone continues to put downward pressure
on sharemarkets around the world as the European leaders are in
the midst of yet another two day meeting in Brussels.
The mining space is by far the biggest drag on trade with the
world's largest miner BHP Billiton (
) down 2.6 pct or 96 cents to $36.03. RIO Tinto (
) is slumping by 3.16 pct or $2.09 to $64.00. BHP is amazingly
more than four times as large as RIO.
All four major banks have now passed on the Reserve Bank's (
) latest rate cut in full. ANZ Banking Group (ANZ) which was the
first major to cut rates is down 2.22 pct or 47 cents to $20.66,
National Australia Bank (NAB) is 1.99 pct or 49 cents lower to
$24.12, Westpac (
) is 1.58 pct or 34 cents lower to $21.18 and Commonwealth Bank
of Australia (
) is 1.01 pct or 50 cents weaker to $49.18.
The retailers continue to struggle with the exception of
discount retailer JB Hi-Fi (JBH) which is 0.19 pct or 3 cents
higher to $15.86 however most of the other big players are
falling in line with the broader market.
There are a few exceptions so far in trade however with
investment manager AMP Limited (AMP) up 1.62 pct or 7 cents to
$4.39. The reason for the gains is that Japan's largest financial
company, Mitsubishi UFJ Financial Group said it would pay $425
million for a 15 pct stake in AMP.
This afternoon, China releases a number of economic reports
which has the potential to impact markets in the
Following the start of daylight savings at the start of
October, major Asian markets will be trading between the hours
mentioned below until April next year (note that over the next
month, some of the times might be slightly off due to several
countries in the region changing their clocks at differing
The Hong Kong sharemarket trades in two sessions each day and
will now open for trade between 1pm (AEDT) and 3.30pm (AEDT)
while the second session is between 5.30pm (AEDT) and 7pm
Out of Japan, the first session will be between 11am (AEDT)
and 1pm (AEDT) while the second session is between 2.30pm (AEDT)
and 5pm (AEDT).
The Singapore exchange will be open for trade between 12pm
(AEDT) and 3.30pm (AEDT) for the first session and then between
5pm (AEDT) and 8pm (AEDT) for the second.
Asian markets are mostly lower with Japan's Nikkei 225 down
1.8 pct or 156.05 pts to 8508.53 while South Korea's KOSPI index
down 1.83 pct or 35.07 pts to 1877.32.
So far in trade at lunch, 894 million shares have been traded
worth $1.5 billion. 222 shares are up, 544 are lower and 320 are
The Australian dollar (AUD) is weaker and buys US101.7
The AUD is the world's fifth most traded currency behind the
U.S dollar, the Euro, Japanese Yen and British Pound. The AUD
accounts for around 7 pct of all foreign exchange
Steven Daghlian, CommSec Market Analyst
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook.
Follow us on Twitter.
Subscribe to get this delivered to your inbox daily