Australian Stock Market Report – Midday 1/23/2013

By Steven Daghlian, CommSec Market Analyst,

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(12pm AEDT)

The Australian sharemarket is higher for the sixth straight session, with the All Ordinaries Index (XAO) up 0.3 per cent or 14.1 pts to 4817.00. This makes it the longest winning streak for local shares in over a month.

Overnight, global markets finished mixed. Shares in both Germany and France eased by around 0.5 per cent while shares in the U.S edged modestly higher. A report showed that there were fewer properties sold (existing home sales) in December than expected. This still didn't stop American equities (Dow) hitting a fresh 5-year high. This morning, a number of large household businesses in the U.S released their quarterly profit results. Internet giant, Google (GOOG;us) recorded a 6.7 per cent rise in its profit thanks to continued advertisement revenue growth. International Business Machines (IBM;us) rose by 4.32 per cent in after-hours trade following a 6.3 per cent rise in profit off the back of higher software sales.

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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
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