Australian Stock Market Report – Midday 3/26/14
By Juliette Saly, CommSec Market Analyst | March 26, 2014 3:16 PM EST
Mid Session Report
The Australian share market is performing strongly at lunchtime in the East, following a rebound on European and US share markets overnight. European markets rose on Tuesday, lifted by expectations of stimulus measures from the European Central Bank, while a rebound in biotech shares helped Wall Street.
Pedestrians are reflected in an electronic board showing a graph of recent fluctuations of Japan's Nikkei average outside a brokerage in Tokyo, on 12 December, 2013.
At lunchtime in the East, the All Ordinaries Index (XAO) is firmer by 0.8 per cent.
Every sector is trading higher, with the miners a particular standout on firmer commodity prices. The materials sector is up 1.7 per cent.
In company news, agricultural chemicals and seeds supplier Nufarm (NUF) has more than doubled its first half profit to $18.8 million, thanks to tax credits and strong growth from its South American business. Shareholders will receive a fully-franked interim dividend of three cents per share. NUF expects its full year profit to be above the $81 million it recorded last financial year, however shareholders are still selling out of the stock, today - sending NUF shares down 2.2 per cent to $4.04.
Elsewhere shares in vehicle retailer and logistics company Automotive Holdings Group (AHE) are up five per cent to $3.78 in early trade following two business takeover announcements. AHE will buy Scott's Refrigerated Freightways and has also struck a deal for the proposed purchase of NSW car dealership Bradstreet Motor Group.
The Australian dollar is at a three month high against the greenback buying US91.63c. Reserve Bank Governor Glenn Stevens is speaking in Hong Kong later this afternoon and may try to talk down the resilient currency.
So far, 855 million shares have changed hands, worth $1.9 billion. 433 are up, 331 are down and 299 are unchanged.
At 12.15pm AEDT the SFE 200 Futures Index is at 5390, up 52 points or one per cent.
The Dow Jones Futures Index is flat at 16298 points.
Japan's NIKKEI Index is firmer by 0.4 per cent.
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Derek Jeter With The New York Yankees Through The Years [IN PICTURES]
- George Clooney And Amal Alamuddin's Wedding In Venice: Photos Of Groom And His Family, Friends [Slideshow]
- NFL Recap - Week 4: Green Bay Packers 38, Chicago Bears 17 [PHOTOS]
- Melanoma Could Be Caused By Ageing Genes; Best Diet For Anti-Ageing; Celebrities Who Have Aged Gracefully
Join the Conversation
- Australian Stock Market Report – Afternoon September 29, 2014
- Australian Stock Market Report – Morning September 29, 2014
- Australian Stock Market Report – Midday September 30, 2014
- Environment Ministry OKs $2.2B North Galilee Basin Rail Project On 23 Conditions
- Australian Stock Market Report – Afternoon September 30, 2014
- Forget Nexus 6 Release Date, Android Phones Will Soon Showcase Pure Google Apps & Features
- Galaxy Note 4 Pre Order Starts in the US, Get Samsung Note Ahead of October 14 Release
- $249.99 Motorola Moto 360 Smartwatch's First Promo Out; 'Stone Leather' Replaces 'Gray Leather' - Available In BestBuy [Watch Video]
- BlackBerry Passport Sold Out As Preorders Reached 200,000
- iPhone 6 vs Moto G 2014: Motorola’s Budget Smartphone Takes On Apple’s Premium Smartphone
- iOS 8 And iOS 8.0.2 Security Flaw Revealed, Anyone Can Easily Bypass Touch ID And Passcode Security Features
- Australia Cracks Down On International Money Laundering Syndicate