Australian Stock Market Report – Midday 12/7/2012
The Australian sharemarket is improving for the third time this week, with the All Ordinaries Index (XAO) gaining by 0.8 per cent or 36.5 pts to 4552.2. All sectors bar the utilities are higher, with the miners and financials leading the rise.
It certainly has been a busy week for the Australian market; it always is at the start of a new month and season. The number of jobs advertised by local businesses fell for the eighth straight month, the Reserve Bank ( RBA ) cut rates for the fourth time this year to 3 per cent, the economy grew at a slower than forecast pace and retail spending was unchanged. On a positive note, there were more than 13,000 jobs created in November while the unemployment rate surprisingly dropped from 5.4 per cent to 5.2 per cent.
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