Australian Stock Market Report – Midday 12/18/13

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By Juliana Roadley, CommSec Market Analyst | December 18, 2013 1:14 PM EST

Mid Session Market Update.
(12:30 AEDT)

The All Ordinaries Index opened higher by 4 points but quickly fell away and by lunch time the All Ords had recovered lost ground. The volumes on the market have been light as investors prepare for what will be a long wait ahead of tomorrow's outcome from the Fed's 2 day policy meeting. By 6am AEDT tomorrow we will know the outcome of the Federal Reserve meeting. Tomorrow could see trading volumes back to normal levels. So far today trading levels are around 60% of the average rate. Overnight the Dow Jones index closed lower and the NASDAQ lost 5 points, gold and oil also fell back but all in very low trade. Aussie markets were mixed in the early session the big name banks and miners posting slight gains. Insurers QBE Insurance Group Limited (QBE) and Insurance Australia Group Limited (IAG) rebounded after yesterday's losses.

Sky city Entertainment (SKC) provided an update to the market on trading and revenue today. The firm said its half year result would be hit by the strength in the New Zealand dollar against the Aussie dollar and slow trading. SKC share prices fell over 4.5% in the early session.
· Holdings Limited (WTF) lost ground from the start of trade, off over 28%, after advising the market that it expects its Net Profit after Tax (NPAT) to be in the range of $21.9- $22.6Million compared with $27.5Million in the corresponding half last year.Amcor Limited (AMC) shares were down in early trade as the market waits for the commencement of trading (debut) of Amcor's spin off unit Orora Limited (ORA) on the exchange at 12pm Sydney time (AEDT).Retailer Wesfarmers (WES) gave back some of yesterdays' gain s in early trade and Metcash Limited (MTS) off over 1.2% to $3.24. The shock resignation from REA Group CEO Greg Ellis yesterday is still impacting the share price today. REA shares down 4.2% to $36.14.

Australia and New Zealand Banking Group Limited (ANZ) held its Annual General Meetings (AGM)'s today. ANZ told investors that the retail market remains soft and announced that David Gonski will be its new chairman ANZ up 0.5%.Today the Reserve Bank Governor Glenn Stevens appeared before House Economics Committee. Mr Stevens said that the RBA has not ruled out more rate cuts or the option of intervening in the markets to keep the currency low.The Australian dollar is slightly firmer at lunchtime in the East worth US89.22c..

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