Australian Stock Market Report – Midday 3-25-13


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(12.30pm AEDT)

The Australian sharemarket is off to a positive start, with the All Ordinaries Index (XAO) up 0.6 per cent. We're coming off the back of the biggest weekly fall for the local market since May last year.

Some sources have announced that a draft rescue deal has been reached between Cyprus and its international lenders. No levy is expected to be charged on any accounts at Cypriot banks. The Popular Bank of Cyprus is expected to be closed. Some restrictions are likely on larger Cypriot bank deposits. The Euro has improved against the U.S dollar in reaction to the news and now buys around US103.2c. At 10am (AEDT) the Euro was buying US102.9c.

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