Australian Stock Market Report – Midday 11/9/2012
By Juliette Saly, CommSec Market Analyst | November 9, 2012 1:28 PM EST
Local stocks are trading in the red today, with most of the damage being done by Westpac (WBC and the National Australia Bank (NAB), which are trading without rights to their dividends. Overnight, US markets rose at the open then traded lower, as investors focused on the so-called "fiscal cliff" with tax increases and spending cuts to occur from the 1st January.
At lunchtime in the East, the All Ordinaries Index (XAO) is down 28pts or 0.6pct to 4474.2.
$WBC is paying an 84c dividend to shareholders, and is trading down 95c or 3.7pct to $24.98. The $NAB is down 4.3pct or $1.06 to $23.81, after paying out a 90c dividend to shareholders. The Commonwealth Bank (CBA) is trading higher, up 0.9pct to $58.69 while the ANZ (ANZ) is virtually flat at $24.39.
Australia's biggest electricity retailer Origin Energy (ORG) has today claimed it won't need to raise capital despite issuing a profit downgrade after the close of trade on Thursday. $ORG has forecast underlying profit will come in around 5-10pct lower than in FY12 ($839M) after previously forecasting a 5-10pct increase. Origin has blamed the downgrade on a regulatory uncertainty including an unfavourable pricing decision in Queensland. Origin, along with partners ConocoPhillips and China Petrochemical Corporation, are spending US$20 billion building a liquefied natural gas export project in Queensland. ORG shares are down 5.3pct at lunchtime in the East to $10.48.
Elsewhere, healthcare stocks are looking strong on defensive buying. CSL Limited (CSL) is up 1.4pct to $48.40 while Cochlear (COH) is firmer by 1.4pct to $75.09.
The Australian dollar is worth US103.92c, £0.6504 and €81.56c.
In early trade, 605 million shares have changed hands, worth $3.76 billion. 268 are up, 434 are down and 320 are unchanged.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Kate Middleton First Official Solo Trip: Details For Malta Tour Revealed [PHOTOS]
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Australian Stock Market Report – Midday August 26, 2014
- Survey Says Many Investors Unaware of True State of Stock Market
- Australian Stock Market Report – Morning August 27, 2014
- Australian Stock Market Report – Morning August 26, 2014
- 3 Keys to Real Estate Selling Success, According to Aussie Superstar Agent
- Apple on iPhone 6 Release Date One Week After September 9 Despite Display Shortage Starting $800
- James Foley Video Had A Change Of Actor – Expert Points Out
- Canada Concerned About Russia’s Military Expansion in Arctic
- Nokia X2 vs. Nokia Lumia 530 - Specifications, Features And Price Showdown
- Hundreds of Men Rape Teen for Three Years
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features
- Trending: Ice Bucket Challenge Replaced By Rubble Bucket Challenge By People Of Gaza