Australian Stock Market Report – Midday June 3, 2014
By Juliette Saly, CommSec Market Analyst | June 3, 2014 1:50 PM EST
Tim Wimborne / Reuters
People look at market display indicators through the window of the Australian Stock Exchange in Sydney
In economic news, retail sales rose 0.2 per cent in April, the 12th consecutive month of gains. However the rise was weaker than market expectations of a 0.3 per cent gain.
Sales rose in five of the eight states and territories, led by Victoria (up 0.8 per cent), followed by the Northern Territory (0.5 per cent), Tasmania (up 0.4 per cent), and NSW and South Australia (both up 0.1 per cent). Sales fell for the fourth consecutive month in the ACT (down 0.8 per cent in April). Annual sales in the ACT are down 2 per cent on a year ago - the biggest contraction in two years.
Energy stocks are a little weaker down 0.2 per cent while miners are lower by the same amount. Banking stocks are flat.
Lynas Corp (LYC) shares are the best performing on the ASX 200 rising by 3.2 per cent to 16c. The rare earths miner successfully raised $40 million last week through a capital raising which analysts say will buy it time to ramp up production.
Karoon Gas (KAR) also continues to gain, after rising 43 per cent yesterday. The oil and gas exploration company resumed trade after being halted since mid-April yesterday, announcing it has sold some key gas assets to Origin Energy (ORG).
Retail stocks are generally weaker following the slightly softer retail sales numbers. Myer Limited (MYR) is down 2.3 per cent while Kathmandu (KMD) is lower by 2.5 per cent.
The Reserve Bank of Australia hands down its monthly interest rate decision this afternoon. No change is expected to the official cash rate of 2.5 per cent.
The Australian dollar is buying US92.44c, £0.552 and €67.96c.
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- The Pirate Bay Founder Gottfrid Svartholm Clears That Fredrik Neij And Peter Sunde Are Not TPB Founders
- [In Pictures] Police Fire As Protest Turns Into ‘Riot’ After Grand Jury Decision on Ferguson Shooting
- ‘The Walking Dead’ Season 5, Episode 8 Spoilers: Daryl Dixon Is Set To Burn The Place Down in ‘Coda’
Join the Conversation
- While Australian Miners Declare End of Massive Expansion of Iron Ore, Gina Rinehart Bucks Trend & Starts Export From New Mine
- Australian Stock Market Report – Midday November 25, 2014
- Australian Stock Market Report – Morning November 25, 2014
- Australian Stock Market Report – Afternoon November 24, 2014
- Global Markets Overview – November 25, 2014
- Kobani ISIS Fighter Sends Out Desperate Message For Prayers And Support: Euphoria Turns Into Desperation As Kurds Advance
- Chris Algieri’s Battered Face Trends On Social Media
- Home Depot Early Black Friday 2014 Sale Up To Nov. 29, 2014 Includes Special Buys On Appliances Such As Samsung Refrigerators, Whirlpool Electric Ranges And Hoover Vacuum Cleaners
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- Black Friday Sale 2014 Deals From Amazon On Smartphones, TVs, Headsets And More
- Andrew Robb Asks Obama Not to ‘Lecture’ Australia on Climate Change
- Highest Paid NBA Players 2014: NBA Stars Who Earn More Than LeBron James