Markets

Australian Stock Market Report - Midday 11/30/2011

MIDDAY REPORT (12pm AEDT)

The local share market is trading flat in early trade, following a generally upbeat session on US and European markets. After the bell on Wall Street, ratings agency Standard and Poor's downgraded the credit ratings of major US banks, sending our market down in the first hour of trade. At midday in the East, the All Ordinaries Index (XAO) is up 4.7pts to 4172.

Our financial sector is flat, with shares in Westpac ( WBC ) down 0.6pct to $20.32 and the ANZ (ANZ) higher by 0.8pct to $19.66.

Mining stocks are generally lower, with shares in Fortescue Metals Group (FMG) down 2.2pct to $4.55 and index leader BHP Billiton ( BHP ) off 0.8pct to $34.69.

In the industrials space, Bradken has updated the market, reaffirming its FY12 guidance and completing a US$200 million private placement. BKN shares have risen 4.1pct to $7.39.

Wholesale retailer Metcash ( MTS ) has reported a 14pct fall in 1H profit to $94.4 million and boosted its FY guidance. MTS is down 0.5pct to $3.95.

A number of companies are holding AGMs today including luxury retailer Oroton Group (ORL). ORL shares are firmer by 2.4pct to $8.43.

The Australian dollar is back above parity, buying US100.36c, £0.6431 and €75.31c.

Juliette Saly, Commsec Market Analyst

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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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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