Australian Stock Market Report – Midday 12/13/2012
By Juliette Saly, CommSec Market Analyst414 | December 13, 2012 1:50 PM EST
After the recent rally which has seen the ASX 200 hit 17 month highs and the All Ordinaries Index (XAO) reach fresh 2012 highs, local stocks are trading flat today.
A new stimulus plan from the US Federal Reserve announced overnight briefly lifted the broader S&P 500 to a seven week high however Wall Street ended up closing flat as profit takers moved in and after Fed Chairman Ben Bernanke said he hoped markets wouldn't have to tank to get a fiscal cliff deal.
At lunchtime in the East, the All Ordinaries Index (XAO) is flat at 4592.1pts.
After a solid week for mining stocks in which iron ore miner Fortescue Metals Group (FMG) has risen by more than 13pct, there's a bit of mixed movement in the materials sector today. FMG shares are down 1.6pct to $4.21 however BHP Billiton (BHP) continues to gain, after agreeing to a US$1.63 billion cash deal to offload its stake in the proposed Browse gas project to China's PetroChina. BHP shares are firmer by 0.4pct to $35.91.
Health care stocks are an area of support, with CSL (CSL) firmer by 0.4pct to $54.72 and Cochlear (COH) up 0.5pct to $77.21.
The Australian dollar is buying US105.46c, £0.6537 and €80.72c.
[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
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Chris Martin Getting Serious With Jennifer Lawrence, Actress Joining Coldplay Tour [PHOTOS]
Join the Conversation
- Apple iPhone 6 Actual Release Date after September 9 Confirmed 128GB Variant with New Resolution
- Moto G2 Release Roundup: Specs, Pricing, and Release Date Details
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Google Chrome 64-bit for Windows 8 and Window 7 with Mac Beta Available
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- Nexus 6 on Release Date Confirmed with Phablet-Size Display as FCC Filing Hints of 5.9-Inch Screen
- Google Can Kill Samsung with Android KitKat and Android One: Here's How