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Australian Stock Market Report – Midday 2/1/2013
1/31/2013 9:18:00 PM
By: International Business Times
Following on from a quick pullback yesterday, the local market is improving for the 11th time in 12 trading sessions. The All Ordinaries Index (XAO) is up 0.7 per cent or 36.6 pts to 4937.6. The market is anticipating economic news out of China between 12pm (AEDT) and 12.45pm (AEDT) which could drive markets this afternoon.
Rio Tinto ( RIO ), Australia's second biggest mining company is up 1.43 per cent or 95 cents to $67.31 despite declaring Force Majeure (essentially representing a chance occurrence or unavoidable accident or event) at one of its coal mines due to flooding. This is a clause in many contracts that helps free both parties of their obligations in the case of a natural disaster or other 'act of god'.
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