Australian Stock Market Report – Midday 11/29/2012
By Juliette Saly, CommSec Market Analyst | November 29, 2012 1:48 PM EST
Local stocks are recording positive gains at lunchtime in the East, despite a fairly flat start to the trading session. Overnight, Wall Street staged a remarkable comeback on hopes an agreement on the Fiscal Cliff could be reached before Christmas.
At lunchtime in the East, the All Ordinaries Index (XAO) is up 16.3pts or 0.4pct to 4478.9.
Index leader BHP Billiton (BHP) is holding its Annual Gernal Meeting (AGM) today. The miner has told shareholders global financial problems continue although there are some signs of stabilisation. At lunchtime in the East, BHP shares are up 0.4pct to $34.15.
Rio Tinto (RIO) meanwhile has announced plans to slash up to US$5 billion in spending by the end of 2014, as the short-term macroeconomic outlook remains volatile. RIO shares are firmer by 0.8pct to $57.13.
Also holding AGMs today: Seek Limited (SEK) and Ramsay Health Care (RHC). SEK shares are firmer by 0.9pct to $6.74 in the early session while RHC is down 0.4pct to $26.21.
Australia´s housing sector posted a mild rise in October, with new home sales lifting after three months of falls. The Housing Industry Association (HIA) new home sales report showed a 3.4pct increase for the month, after drops of 3.7pct and 5.3pct in September and August respectively.
At lunchtime in the East, the Aussie dollar is buying US104.6c, £0.6532 and €80.78c.
[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
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
- Champions League Results: Barcelona Barely Escapes With A Win, Chelsea Fails To Hold On To The Lead [PHOTOS]
- Jeremy Lin, Kobe Bryant Among The Top 5 Overpaid Players In The NBA (Part 1 - Western Conference)
- Reasons Why Michael Jordan Is Better Than LeBron James [PHOTOS And VIDEO]
Join the Conversation
- Google Release Roundup: New Nexus 6, Nexus 8, Android 5.0 L Launch and Killer Features
- New Samsung Galaxy Note 4 and Galaxy S5 Android 5.0 L Killer Features, Encryption and More
- Xperia Z, Xperia ZL, Xperia ZR Android 4.4.4 KitKat Update Guide
- China Is Also Seizing Disputed Land Along Indian Border
- iPhone 6 Survives Drop, Both Accidental & Intentional