Australian Stock Market Report – Midday 11/16/2012
By Juliette Saly, CommSec Market Analyst | November 16, 2012 12:55 PM EST
Local stocks have hit fresh seven week lows in the early session, following more weakness on European and US markets overnight. Data showed the European economy is officially in recession, and whilst this was no surprise, it did give investors reason to sell. US markets were also sold-off after the world's largest retailer Wal-Mart disappointed with profit results.
At lunchtime in the East, the All Ordinaries Index (XAO) is down 9.7pts or 0.2pct to 4360.9.
Outdoor wear retailer Kathmandu (KMD) is one bright spot, up 8pct to $1.6 as the company holds its AGM. The clothing and camping equipment has posted a 19.5pct boost in sales for the last 15 weeks. Sales came in at $66.9 million for the 15 weeks to November 11, an almost 20 per cent rise on the same period last year. Same store sales - excluding new stores - grew by 14.3pct during the period compared with 7.6 per cent in the same period last year. KMD has opened six new stores in Australia since the start of August, with another three to come before Christmas and 15 planned for the year. CEO Peter Halkett said the result was ahead of expectations and came despite difficult trading conditions.
Other companies holding AGMs today include Cash Converters (CCV) and Goodman Group (GMG). CCV shares are up 1pct to $0.99 while GMG is lower at $4.465. Cash Converters has told shareholders first quarter growth is above expectations, while Goodman Group has maintained its earnings guidance.
The Australian dollar is worth US103.37c, £0.6517 and €80.91c.
[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
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions