Markets

Australian Stock Market Report - Midday 12/21/2011

MIDDAY REPORT (1pm AEDT)

The local share market is seeing a broad based recovery today, thanks to strong leads from US and European markets overnight on positive economic data. The All Ordinaries Index (XAO) is up 81.4pts or 2pct to 4188.5 mid-session.

Financial stocks in the US rose 4pct in New York overnight and we are seeing our financial sector also record solid gains, up 2pct. Shares in Macquarie Group (MQG) are firmer by 3.6pct to $24.28 on a report the lender may be considering the sale of its retail business arm to focus on investment banking.

Elsewhere retail stocks are enjoying a much needed comeback after a couple of days of tough sessions after releasing profit warnings due to lacklustre Christmas sales. Shares in Billabong ( BBG ) are higher by 9pct to $1.925 while JB Hi-Fi (JBH) has added 1pct to $12.11.

The rally in the equity markets has sent the Aussie dollar stronger against the major currencies, it's buying US101.2c and €77.14c.

Juliette Saly, CommSec 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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