Australian Stock Market Report – Midday 11/15/2012
November 15, 2012 1:36 PM EST
Local stocks have hit a seven week low in the early session, dragged down by more falls on US and European markets overnight. Key banking, energy and mining stocks are all in the red, with the All Ordinaries Index (XAO) down 45.5pts or 1pct to 4365.2.
One bright spot is the retailers after Myer Limited (MYR) reported a one percent lift in first quarter sales, thanks to recent rate cuts which have sent consumers back to the shops. The department store's sales in the thirteen weeks to October 27 totalled $688 million, while on a comparable stores basis, sales were up 0.8pct on the previous period. MYR has risen 5.8pct in early trade to $2.115 while rival David Jones (DJS) is up 4pct to $2.555.
Qantas Airways (QAN) is also trading higher, up 4.5pct to $1.285, after announcing it will spend $100 million to buy back about 4pct of its issued stocks in a move to strengthen its dwindling share price. Virgin Australia (VAH) is lower, down 4pct to $0.49.
Graincorp (GNC) has today announced a 19pct rise in annual profit to $204.9 million, and said its current harvest is proceeding well. All of the company´s business units - storage, marketing, malt and mills - posted a strong performance in the year to September. However Graincorp has walked away from a $2.7 billion takeover offer from US food processing giant Archer Daniels Midland, claiming the $11.75 per share offer is too low. Most analysts agree and shareholders have responded well to GNC's decision, sending its share price up 0.2pct to $12.20.
The Australian dollar is worth US103.61c, £0.6538 and €81.4c.
[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
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Australian Stock Market Report – Midday July 23, 2014
- Major European & U.S. Airlines Cancel Flights to Israel after Rocket Attack on Tel Aviv Airport
- Alibaba Okays Yahoo Request to Sell 140 Million Shares Via IPO, 68 Million to Be Sold to Shareholders
- Australian Stock Market Report – Midday July 24, 2014
- Australian Stock Market Report – Afternoon July 23, 2014
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales
- Sony Xperia M2 vs. Moto G – Specifications, Features and Price Showdown