Share market higher at noon

Wall Street is falling back from record highs overnight as retail markets pose a slight gain. Commsec report

THE Australian market is higher in intraday trading as the Federal Government prepares to hand down its 2013 Budget.

Most major sectors were up at noon, with information technology shares leading the way and despite a dip in the energy sector.

Market heavyweight BHP Billiton was down slightly, off by four cents, or 0.1 per cent to $34.51 while fellow diversified miner Rio Tinto was also down, 12 cents, or 0.2 per cent lower, at $57.47.

The big four banks were mixed, with ANZ down 14.5 cents, or 0.49 per cent, to $29.94, while CBA was up 89.5 cents, or 1.26 per cent to $72.04, the NAB was off seven cents, or 0.21 per cent, to $33.11 while Westpac fell five cents, or 0.16 per cent, to $31.75.

In economic news, Treasurer Wayne Swan says his sixth Budget will take the "extraordinary step" of laying out a 10-year plan to fund key education and disability care reforms. But he insists he won't be "cutting to the bone" to pay for them.

Economists expect today's Budget will reveal multi-billion dollar deficits over the next few years at least, rather than the series of surpluses promised a year ago.

KEY FACTS

* At 12.30pm AEST, the benchmark S&P/ASX200 index was up nine points, or 0.17 per cent, at 5219.3 points.

* The broader All Ordinaries index was 7.3 points, or 0.14 per cent, higher at 5219.3 points.

* The June share price index futures contract was 22 points higher at 5228 with 9085 contracts traded.

* National turnover was 882 million securities worth $2.34 billion.

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Share market higher at noon

Wall Street is falling back from record highs overnight as retail markets pose a slight gain. Commsec report

THE Australian market is higher in intraday trading as the Federal Government prepares to hand down its 2013 Budget.

Most major sectors were up at noon, with information technology shares leading the way and despite a dip in the energy sector.

Market heavyweight BHP Billiton was down slightly, off by four cents, or 0.1 per cent to $34.51 while fellow diversified miner Rio Tinto was also down, 12 cents, or 0.2 per cent lower, at $57.47.

The big four banks were mixed, with ANZ down 14.5 cents, or 0.49 per cent, to $29.94, while CBA was up 89.5 cents, or 1.26 per cent to $72.04, the NAB was off seven cents, or 0.21 per cent, to $33.11 while Westpac fell five cents, or 0.16 per cent, to $31.75.

In economic news, Treasurer Wayne Swan says his sixth Budget will take the "extraordinary step" of laying out a 10-year plan to fund key education and disability care reforms. But he insists he won't be "cutting to the bone" to pay for them.

Economists expect today's Budget will reveal multi-billion dollar deficits over the next few years at least, rather than the series of surpluses promised a year ago.

KEY FACTS

* At 12.30pm AEST, the benchmark S&P/ASX200 index was up nine points, or 0.17 per cent, at 5219.3 points.

* The broader All Ordinaries index was 7.3 points, or 0.14 per cent, higher at 5219.3 points.

* The June share price index futures contract was 22 points higher at 5228 with 9085 contracts traded.

* National turnover was 882 million securities worth $2.34 billion.

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Australian share market opens higher

US markets ended mixed with weak economic growth in the first quarter of 2013.

THE Australian market has opened higher, led by gains for the four major banks.

IG markets strategist Stan Shamu said the local market has been dragged higher by the major financial stocks, and the mining giants did not fall as hard as expected after recent drops in commodity prices.

"It's all about the banks' upcoming earnings," he said.

"Everyone's starting to position themselves for what could be another round of increases in dividend growth from these banks.

"At the same time the miners haven't disappointed quite as much as expected at open."

Commonwealth Bank jumped 60 cents to $71.44, Westpac surged 37 cents to $32.94, ANZ gained 19 cents to $30.07 and National Australia Bank added 19 cents to $30.07.

ANZ and Westpac are due to post half-yearly results this week.

BHP Billiton fell 28 cents to $32.30, Rio Tinto dived 48 cents to $55.32 and Fortescue dropped two cents to $3.55.
Tabcorp shares gained five cents, or 1.5 per cent, to $3.39 after the betting firm reported a 2.6 per cent lift in third quarter revenue to $480.3 million.

OceanaGold March is expected to post its quarter financial and operational results later today.

In economic news, BHP Billiton, Rio Tinto, Xstrata and Minerals Council of Australia will appear before the Senate Economics Legislation Committee's public hearing into the development and operation of the Minerals Resource Rent Tax (MRRT).

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Australian share market opens higher

US markets ended mixed with weak economic growth in the first quarter of 2013.

THE Australian stock market looks set to open flat following a mixed performance on Wall Street overnight after a mediocre report on US economic growth and the latest batch of uneven corporate earnings reports.

At 0712 AEST today, the June share price index futures contract was down three points at 5,104.

In economic news today, presentations by BHP Billiton, Rio Tinto, Xstrata and Minerals Council of Australia will feature in the Senate Economics Legislation Committee's public hearing into the development and operation of the Minerals Resource Rent Tax.

In Australia, the market closed on Friday slightly lower despite commodity stocks staging a comeback.
 

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Bumpy road to share recovery

The GFC sharemarket collapse was the second-biggest fall in Australian history. Source: National Features

AUSSIE shares' frustrating rebound from the global financial crisis looks set to become the slowest recovery in 100 years.

It's more than four years since shares struck their GFC low in March 2009, and investment experts say it will probably take another three or four years for the All Ordinaries index of 500 companies to reclaim its 2007 record high.

However, that rate of growth would deliver investors good gains from here, they say, but warn the path will be bumpy.

AMP Capital head of investment strategy Shane Oliver says the recovery has been "a bit sub-par".

"I would describe it as messy," Oliver says, blaming the sluggish growth on worries about China, a high Aussie dollar, Europe's crisis, and official interest rate rises too soon in the recovery.

While US shares reached a record high last week, Australia's market still needs to climb 37 per cent to get there.

However, Oliver says Australia's boom during the mid-2000s was much stronger than that of the US.

"The US market is a bit distorted. Over the last 13 years our market rallied about 50 per cent, whereas the US is up about 1 per cent. For 13 years, the US sharemarket has really just spun its wheels."

Macquarie Private Wealth head of research Riccardo Briganti blames Australia's slow recovery on its higher reliance on resources stocks, economic expectations that are weaker than the US, and the fact our companies pay dividend income near 4.5 per cent, double overseas yields.

"We're getting our returns in a different way," he says.

Briganti forecasts Aussie shares to rise 6 per cent by this time next year, and believes the return to a record high is "at least 3-4 years away".

"We have a positive view on global growth, global earnings and the US housing recovery.

"If you're talking about where the market's going to be in 12 months, it's likely going to be higher, but the path is not going to be a straight line."

Oliver's forecast is for the All Ordinaries index to reach 5250 points by year's end, up 4.6 per cent on current levels, but he believes the full recovery is at least three years away.

"Even if it takes four years to get back to the high, you get some good returns going forward," he says.

Morningstar's new sharemarket outlook report says the market is now fairly valued, which means annual total returns going forward of 8-9 per cent split between growth and dividend yield.

"The easy money has been harvested, and we now have slightly more negative recommendations than positive," it says.

However, a diversified portfolio of good stocks should generate total investment returns greater than cash, Morningstar says.

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Share market higher at noon

THE Australian share market was more than one per cent higher at noon as investors were buoyed by renewed confidence on overseas markets.

CommSec analyst Juliana Roadley said the local market had taken its lead from gains overnight on Wall Street, with Australian banks, insurers, miners and energy stocks all doing well.

"There's confidence coming back into US markets into their reporting season and that's starting to play out on our market today," she said.

Expectations are high for an improved company earnings season in the US, which kicked off this week. Also, moves by Japan to stimulate its economy were generating positive sentiment and helping to boost commodity stocks.

The big miners were stronger, with BHP Billiton shares up 50 cents at $33.16 and Rio Tinto was $1.52 higher at $56.34.

Shares in Ten Network Holdings lifted 1.5 cents to 31 cents despite the broadcaster posting a $243.3 million first half loss.

Africa-focused miner Sundance Resources plunged nine cents, or 42 per cent, to 12 cents after coming out of a three-week trading halt. Sundance revealed late yesterday that it had ended talks with Hanlong Mining after the Chinese company ran into problems financing a $1.3 billion takeover deal.

Overnight on Wall Street, the Dow Jones Industrial Average lifted 48.23 points to 14,613.48 points.

US aluminium giant Alcoa, the first major US company to report first quarter earnings, booked a 59 per cent rise in year-over-year earnings, pointing to strong efficiency gains and a slightly tighter supply market.

KEY FACTS

* At 12pm AEST today, the benchmark S&P/ASX200 index was 53.5 points, or 1.09 per cent, higher at 44959 points.

* The broader All Ordinaries index was 51.8 points, or 1.05 per cent, higher at 4964.5 points.

* The June share price index futures contract was up 41 points up at 44952 points, with 13,857 contracts traded.

* National turnover was 754.9 million securities worth $1.49 billion.

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Share market trading lower

THE Australian share market is trading lower in the wake of weaker offshore markets overnight.

But better-than-expected figures on retail spending in Australia may provide some impetus for the local market to improve later in the session. Official figures showed that Australian retail spending rose 1.3 per cent in February to a seasonally adjusted $21.95 billion. Economists had been forecasting a rise of 0.3 per cent for February.

IG Markets market strategist Evan Lucas said the local bourse had followed US markets down after weak US economic data gave investors a reason to take profits. Lower commodity prices were also weighing on the mining sector.

"The miners are dragging everything down today," he said. "All in all, it's a fairly poor day."

Mr Lucas said building approval and retail sales figures were ahead of expectations and may provide an impetus for the market to pick up in the afternoon.

On the local market at 12.01pm AEDT in the resources sector, global miner BHP Billiton was 46 cents lower at $31.77, and Rio Tinto surrendered 57 cents to $54.81.

Among the major banks, National Australia Bank was eight cents weaker at $31.03, Commonwealth Bank gained 42 cents to $68.87, Westpac dipped six cents to $31.09, and ANZ gave away eight cents at $28.19.

Among other stocks, Fairfax Media shed 1.75 cents to 60.25 cents after announcing a reorganisation of its operations into five business arms as part of its ongoing restructure program.

Troubled retailer Billabong asked for an indefinite suspension of its shares, which last traded at 73 cents, while it continued takeover talks with two potential suitors.

KEY FACTS

* At 1205pm AEDT today, the benchmark S&P/ASX200 index was down 22.5 points, or 0.45 per cent at 4935.2 points.

* The broader All Ordinaries index was down 26.2 points, or 0.53 per cent, at 4940.2 points.

* The June share price index futures contract was down 21 points at 4933 points, with 13,352 contracts traded. ational turnover was 768.2 million securities worth $1.51 billion. 

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Share market trading lower

THE Australian share market is trading lower in the wake of weaker offshore markets overnight.

But better-than-expected figures on retail spending in Australia may provide some impetus for the local market to improve later in the session. Official figures showed that Australian retail spending rose 1.3 per cent in February to a seasonally adjusted $21.95 billion. Economists had been forecasting a rise of 0.3 per cent for February.

IG Markets market strategist Evan Lucas said the local bourse had followed US markets down after weak US economic data gave investors a reason to take profits. Lower commodity prices were also weighing on the mining sector.

"The miners are dragging everything down today," he said. "All in all, it's a fairly poor day."

Mr Lucas said building approval and retail sales figures were ahead of expectations and may provide an impetus for the market to pick up in the afternoon.

On the local market at 12.01pm AEDT in the resources sector, global miner BHP Billiton was 46 cents lower at $31.77, and Rio Tinto surrendered 57 cents to $54.81.

Among the major banks, National Australia Bank was eight cents weaker at $31.03, Commonwealth Bank gained 42 cents to $68.87, Westpac dipped six cents to $31.09, and ANZ gave away eight cents at $28.19.

Among other stocks, Fairfax Media shed 1.75 cents to 60.25 cents after announcing a reorganisation of its operations into five business arms as part of its ongoing restructure program.

Troubled retailer Billabong asked for an indefinite suspension of its shares, which last traded at 73 cents, while it continued takeover talks with two potential suitors.

KEY FACTS

* At 1205pm AEDT today, the benchmark S&P/ASX200 index was down 22.5 points, or 0.45 per cent at 4935.2 points.

* The broader All Ordinaries index was down 26.2 points, or 0.53 per cent, at 4940.2 points.

* The June share price index futures contract was down 21 points at 4933 points, with 13,352 contracts traded. ational turnover was 768.2 million securities worth $1.51 billion. 

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Share market opens lower

Cyprus has a bail out but the markets are still nervous about the deal.

THE Australian share market has opened lower over renewed jitters about the euro zone, following a bailout deal for Cyprus.

IG Markets market strategist Stan Shamu said the Australian market had opened in a pretty sombre mood.

Markets overseas had initially opened higher following euphoria over a bailout deal for Cyprus but reversed direction soon after.

"There are concerns that the deal that Cyprus managed to get through will ultimately set a precedent for other bailouts in Europe," Mr Shamu said. "This will continue to unravel as people realise how big the haircuts are for this bailout and what it might mean for other periphery nations going forward."

In the United States yesterday, stocks fell after a top European finance official suggested the Cyprus bailout framework could serve as a template for other European bank crises.

Under the deal reached early yesterday in Brussels, Cyprus agreed to reduce its oversized banking sector and inflict hefty losses on big depositors in troubled banks to secure the 10 billion euro bailout. The bailout allows for most of the funds to be raised by forcing losses on accounts of more than 100,000 euros in Laiki and Bank of Cyprus, with the rest coming from tax increases and privatisations.

On the local market in the resources sector at 10.27am AEDT, global miner BHP Billiton was 31 cents lower at $33.09, and Rio Tinto lost $1.05 to $57.20.

Among the major banks, ANZ dipped 15 cents to $28.68, Westpac backtracked 23.5 cents to $30.775, Commonwealth Bank dumped 33 cents to $68.67, and National Australia Bank slipped six cents to 26 cents at $30.79.

Adventure clothing and equipment retailer Kathmandu improved 5.5 cents to $2.02 as it defied difficult retail conditions to post a hefty rise in first half profit.

On Wall Street in the US yesterday, the Dow Jones Industrial Average fell 64.28 points, or 0.44 per cent, to 14,447.75 points.

KEY FACTS

* At 10.32am AEDT today, the benchmark S&P/ASX200 index was down 27.5 points, or 0.55 per cent, at 4962.7 points.

* The broader All Ordinaries index was down 26.1 points, or 0.52 per cent, at 4975.4 points.

* The June share price index futures contract was 37 points lower at 4967 points, with 10,030 contracts traded.

* National turnover was 285.8 million securities worth $295.7 million.

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Share market lower at noon

Cyprus has a bail out but the markets are still nervous about the deal.

AUSTRALIAN stocks fell at noon as investors engaged in profit taking after recent rallies.

CMC Markets chief strategist Ric Spooner said earnings on the Australian market had been above the long term average for some time and combined with steadying interest rates, meant investors were keen to take some profits.

"That really left the stage open for profit taking," he said.

Mr Spooner said the European Central Bank deal to bail out debt-ridden Cyprus, which was struck yesterday, was expected and had already been factored into the Australian market.

There were losses across the board at noon, but the materials sector was hit hardest. Rio Tinto plunged $1.14 to $57.11, BHP Billiton dived 44 cents to $32.96 and Fortescue dropped 6.5 cents to $3.815.

The four major banks also posted losses. National Australia Bank fell 18.5 cents to $30.665, ANZ tumbled 33 cents to $28.50, Commonwealth Bank lost 57 cents to $68.43 and Westpac dropped 33 cents to $30.68.

Kathmandu shares dropped one cent to $1.955 despite the adventure retailer reporting a 72.7 per cent increase in profit.

In economics news today, Reserve Bank of Australia governor Glenn Stevens is due to speak at the Australian Securities and Investments Commission annual forum in Sydney.

KEY FACTS

* At 12pm AEDT on Tuesday, the benchmark S&P/ASX200 index was down 39.3 points, or 0.79 per cent, at 4950.9 points.

* The broader All Ordinaries index was down 36.7 points, or 0.73 per cent, at 4964.8 points.

* The June share price index futures contract was down 47 points at 4957 points, with 15,801 contracts traded.

* National turnover was 929.5 million securities worth $1.35 billion.

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Billabong to investigate share plunge

BILLABONG shares have been placed in a trading halt while the retailer investigates why its shares have plummeted by more than 20 per cent.

The troubled retailer requested the trading halt after its shares plunged more than 20 per cent.

The stock fell as much as 22 per cent to 63 cents in late morning trade.

Billabong shares were down 11.5 cents, or 14.2 per cent, at 69.5 cents when they went into a trading halt.

"The trading halt is requested pending an investigation by the company into trading levels today," Billabong said.

Two private equity consortiums, Sycamore and Altamont/VF, have made separate offers of $1.10 a share for the company and have been been running their slide rules over Billabong's books in recent weeks.

The due diligence process is due to end next week. Billabong plunged into the red with a massive $536.6 million first half net loss.

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Australian share market trading lower

The Cypriot parliament voted down the deposit levy bill and are waiting to see what will happen.

THE Australian share market is trading lower, led down by the big miners on concerns over iron ore prices.

IG Markets market strategist Evan Lucas said the local bourse was being dragged back by iron ore miners.

"Overnight, in the US, (investment bank) Goldman Sachs actually downgraded their outlook on iron ore quite heavily," Mr Lucas said.

Goldman Sachs has forecast that iron ore prices would fall from $US139 per tonne in 2013 to $US80 per tonne in 2015.

Mr Lucas said Goldman Sachs had also downgraded the London listings of dual-listed BHP Billiton and Rio Tinto, sending those stocks lower in the United Kingdom.

"That has pushed through to us here today," he said.

Mr Lucas said there was concern that there would be increased use of scrap metal in China, which would lead to lower steel production. In the resources sector at 12.01pm AEDT on the local bourse, global miner BHP Billiton had shed 96 cents, or 2.78 per cent, to at $33.59, and Rio Tinto fell $1.91, or 3.26 per cent, to $56.75. Fortescue Metals reversed 17 cents, or 4.37 per cent, to 3.72. Atlas Iron dumped 4.75 cents, or 3.85 per cent, to $1.1875.

Among other stocks, retailer David Jones was up 9.5 cents at $3.055 despite its first half profit falling 14 per cent in challenging trading conditions.

Sydney Airport firmed two cents to $3.18 after it reported a 2.2 per cent rise in passenger numbers in February.

On Wall Street in the US yesterday, the Dow Jones Industrial Average gained 0.03 per cent.

KEY FACTS

* At 12.07pm AEDT today, the benchmark S&P/ASX200 index was down 38.1 points, or 0.76 per cent, at 4949.3 points.

* The broader All Ordinaries index was down 38.4 points, or 0.77 per cent, at 4966.0 points.

* The March share price index futures contract was down 42 points at 4948 points, with 70,802 contracts traded.

* National turnover was 903.8 million securities worth $1.86 billion.

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Australian share market opens lower

An investor watches market indices monitors at the Australian Stock Exchange (ASX) during morning trade in Sydney 11/08/2011. Source: Supplied

THE Australian market has fallen by almost 1.5 per cent due to concerns about a bailout of Cyprus and falls on Wall Street.

A European Union bailout of Cyprus had scared investors and led to a negative opening on the Australian market, IG Markets strategist Evan Lucas said.

"This will impact European markets tonight and will therefore make investors here nervous, coupled with losses to major leads in the US on Friday," he said.

"Expect the sell-off to be hard today, barring any positive news coming out of Cyprus.

The EU has imposed a condition of a 9.9 per cent levy on deposits of more than 100,000 euros in Cyprus's banks as part of its 10 billion euro ($A12.6 billion) bailout for the island.

US stocks also fell on Friday, bringing the Dow's 10-day winning streak to a halt as a decline in a key consumer sentiment index highlighted continuing weaknesses in the economy.

Locally, all sectors posted losses.

In resources, BHP Billiton lost 75.5 cents to $34.795, Rio Tinto shed $1.08 to $60.22 and Fortescue tumbled nine cents to $3.97.

The banks were also lower, with NAB down 53 cents at $30.77, Westpac down 41 cents at $30.48, Commonwealth down 62 cents at $69.56 and ANZ 37 cents lower at $28.35.

KEY FACTS
* At 1015 AEDT, the benchmark S&P/ASX200 index was down 72.9 points, or 1.42 per cent, at 5,047.3 points
* The All Ordinaries index was down 69.5 points, or 1.35 per cent, at 5,059.8 points
* The March share price index futures contract was 74 points lower at 5,048 points, with 32,953 contracts traded.
* National turnover was 270.16 million securities worth $1.105 billion.

On Monday, the Australian Bureau of Statistics releases lending finance data for January and new motor vehicle sales numbers for February.

The Australian Securities and Investments Commission will hand down its report on the impact of high frequency trading on Australia's financial markets.

The market on Friday posted its biggest one-day gain for 2013, with the benchmark S&P/ASX200 index adding 88 points to 5,120.2 and the All Ordinaries index gaining 85.5 points to 5,129.3.

Overnight:

NEW YORK - US stocks fell on Friday, bringing the Dow's 10-day winning streak to a halt as a decline in a key consumer sentiment index highlighted continuing weaknesses in the economy.

Trade was heavy in banks after the Fed completed its stress tests and capital plan reviews, and as a Senate committee report blasted JPMorgan Chase for how it handled its massive "London Whale" losses last year.

The Dow Jones Industrial Average dropped 25.03 points, or 0.17 per cent, to 14,514.11, the first time in nine days it did not set a fresh record.

The broad-based S&P 500 lost 2.53 points, or 0.16 per cent, to 1,560.70, after having pushed higher on Thursday to a tantalising three points short of its all-time high.

The tech-heavy Nasdaq Composite dropped 9.86 points, or 0.3 per cent, to 3,249.07.

LONDON - Europe's main stock markets fell in downbeat pre-weekend trading before the outcome of a major eurozone ministers meeting aiming to agree a bailout for the Cyprus government, dealers said.

Sentiment was also dented ahead of triple witching day, when stock index futures, index options and stock options all expire together.

At close, London's benchmark FTSE 100 index of leading companies slid 0.61 per cent to 6,489.65 points.
In Frankfurt, the DAX 30 dropped 0.19 per cent to 8,042.85 points, while in Paris the CAC 40 fell 0.71 per cent to 3,844.03 points.

HONG KONG - Asian markets closed mixed following another strong lead from Wall Street, where traders took heart from more upbeat US jobs numbers.

The yen was flat after Japanese MPs gave final approval to the government's nominees to take the helm at the Bank of Japan (BoJ), with expectations high that it will usher in more aggressive monetary easing.

Tokyo rose 1.45 per cent, or 179.76 points, to 12,560.95 - its highest level since September 2008.

Hong Kong was 0.38 per cent lower, losing 86.07 points to end at 22,533.11 while Shanghai closed up 0.36 per cent, or 8.12 points, at 2,278.40.

Seoul fell 0.78 per cent, or 15.63 points, to 1,986.50.

WELLINGTON - The NZX 50 rose 5.95 points, or 0.1 per cent, to 4,387.05, bringing its gain this year to 7.7 per cent.

TOKYO - Stocks opened 1.56 per cent lower on Monday after the safe-haven yen soared on weekend news that Cyprus would have to tax bank customers' deposits as part of an EU bailout deal.

The Nikkei 225 index at the Tokyo Stock Exchange was down 195.51 points to 12,365.44 at the start.

The euro fell to $1.2888 and 122.31 yen in early Asian trade Monday from $1.3075 and 124.61 yen in New York Friday afternoon. The dollar dropped to 94.84 yen from 95.26 yen.

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Australian share market stronger at noon

THE Australian market is set for a strong start to trade with encouraging jobs figures in the United States helping Wall Street post its longest winning streak in more than 16 years.

At 6.50am AEDT today, the March share price index futures contract was up 20 points at 5050.

For the day ahead, there is no economic data scheduled for release.

The market today closed lower as better than expected jobs data dented the chance of more interest rate cuts.

The S&P/ASX200 index lost 60.2 points, or 1.2 per cent, to 5032.2 and the All Ordinaries dropped 60.6 points, also 1.2 per cent, to 5043.8.

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Australian share market opens stronger

THE Australian share market was trading higher at noon, with investors jumping in to buy cheap stocks following three days of losses.

All sectors were trading higher apart from gold stocks, with even mining stocks posting gains after being belted yesterday.

IG Markets market strategist Evan Lucas said it was interesting to see iron ore miners bounce back despite the ore price falling overnight to be down to $US131 ($126.81) a tonne from $US150 a fortnight ago.

"It suggests the materials space is finally looking cheap to people," he said. "Considering how much of a bull run we're in, that space has been well and truly lagging behind."

In the resources sector, global miner BHP Billiton was up 17.5 cents at $35.265, Rio Tinto had lifted 16 cents to $60.86 while Fortescue Metals was flat at $3.97. Oil and gas producer Woodside Petroleum was 63 cents richer at $36.87, and Santos climbed 12.5 cents to $13.055. Oil prices gained after strong US employment figures offset concerns about lofty petroleum supplies.

Stocks in the US have also posted their longest winning streak in more than 16 years.

The major banks are all performing strongly, with National Australia Bank adding 38 cents to $31.07, ANZ advanced 28 cents to $28.46, Commonwealth Bank had put on $1.05 cents to $69.93 and Westpac rose 53.5 cents to $30.665 after hitting record highs at the start of the week.

KEY FACTS

* At 12pm AEDT, the benchmark S&P/ASX200 index was up 55 points, or 1.09 per cent, at 5087.2 points.

* The All Ordinaries index was up 51.3 points, or 1.02 per cent, at 5095.1 points.

* The March share price index futures contract was 57 points higher at 5087 points, with 17,777 contracts traded.

* National turnover was 819.11 million securities worth $1.6 billion.

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Share market lower at noon

THE Australian share market was lower at noon as the chance of an interest rate cut decreased because of better than expected jobs figures.

The weakness came despite stocks in the United States posting their longest winning streak in more than 16 years.

CMC Markets Chief Market Strategist Michael McCarthy said there appeared to be a shift in mentality where good economic news was bad market news.

"The strong job numbers make an interest rate cut less likely so the weakness that was in the market before the release of the numbers has remained," Mr McCarthy said. "On balance it looks as if the weakness is likely to persist."

However, eager buyers were waiting for significant discounts on stocks, he said.

Australia recorded its strongest jobs growth in more than a decade in February, with total employment rising by 71,500.

The resources sector was the worst performing sector on the market, losing 1.4 per cent. Global miner BHP Billiton fell 61 cents to $35.30, and Rio Tinto reversed by 89 cents to $61.21.

The major banks were mixed, with National Australia Bank flat at $30.95, ANZ up two cents to $28.50, Commonwealth Bank down 5.5 cents to $69.31 and Westpac down 14 cents to $30.35.

Myer shares were 12 cents higher, up 4.1 per cent, at $3.02, after making a better than expected first half profit of $88 million.

Freight rail operator Aurizon gained seven cents to $4.04 after it won a coal haulage contract in Queensland with mining giant Xstrata.

On Wall Street, the benchmark Dow Jones Industrial Average notched its ninth gain in a row, giving the index its longest winning streak since 1996.

KEY FACTS

* At 12.48am AEDT, the benchmark S&P/ASX200 index was down 42.4 points, or 0.83 per cent, at 5050 points.

* The All Ordinaries index was down 43.8 points, or 0.86 per cent, at 5060.6 points.

* The March share price index futures contract was down 50 points at 5047 points, with 28,074 contracts traded.

* National turnover was 999.7 million securities worth $2.25 billion.

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Share market flat at the open

THE Australian share market has opened flat despite stocks in the United States posting their longest winning streak in more than 16 years.

Lonsec senior client adviser Michael Heffernan said a strong rise for Myer shares was a highlight of an otherwise lacklustre open to the day's trading. The retailer posted a better than expected first half profit of $88 million.

"The market has greeted it particularly well," Mr Heffernan said. "Given the equanimity of world markets last night, we were going to be in the green when we started. and Myer has added a bit of fuel to the fire."

Myer shares climbed 14 cents to $3.04.

In the resources sector, global miner BHP Billiton fell 46 cents to $35.45, and Rio Tinto reversed $1.10 to $61.00.

The major banks were mixed, with National Australia Bank dipping 22 cents cents to $30.73, ANZ added three cents to $28.51, Commonwealth Bank lifted 15 cents to $69.53, and Westpac eased nine cents to $30.41.

Freight rail operator Aurizon gained 4.5 cents to $4.015 after it won a coal haulage contract in Queensland with mining giant Xstrata.

On Wall Street, the benchmark Dow Jones Industrial Average notched its ninth gain in a row, giving the index its longest winning streak since 1996.

KEY FACTS

* At 10.24am AEDT, the benchmark S&P/ASX200 index was up five points, or 0.1 per cent, at 5097.4 points.

* The All Ordinaries index was up three points, or 0.06 per cent, at 5107.4 points.

* The March share price index futures contract was down three points at 5096 points, with 10,549 contracts traded.

* National turnover was 235.03 million securities worth $517.5 million.

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Share market opens slightly higher

THE Australian share market has opened slightly stronger after US markets continued to climb to new highs.

The early gains were being held back by some nervousness in the financial sector and weakness among mining stocks, IG Markets strategist Stan Shamu said.

"We're just a touch higher at the moment," he said. "Yesterday what was driving the gains was some big moves in some banks - we had Commonwealth Bank trading through $70."

"We just see that there's a little bit of nervousness there in the financial stocks today."

"That's probably what has seen the market fail to live up to expectations at the moment."

Mining stocks had improved from falls on Monday, when they were pulled back by mixed Chinese economic data released at the weekend, Mr Shamu said.

However, a rising US dollar was now weighing on the mining sector.

"A stronger US dollar is not good for anyone, especially if you consider that commodities are generally priced in US dollars," he said.

Global miner BHP Billiton hovered at $35.82, and Rio Tinto reversed five cents to $63.05.

Among the major banks, National Australia Bank was 50 cents higher at $32.14, ANZ had climbed nine cents to $29.29, Commonwealth Bank found 31 cents to $70.44, and Westpac eased six cents to $31.19.

On Wall Street in the US overnight, the Dow Jones Industrial Average posted its seventh straight day of gains.

KEY FACTS

* At 10.48am AEDT, the benchmark S&P/ASX200 index was up 3.6 points, or 0.0.07 per cent, at 5150.5 points.

* The All Ordinaries index was up 0.5 points, or 0.01 per cent, at 5160.5 points.

* The March share price index futures contract was down five points at 5149 points, with 11,438 contracts traded.

* National turnover was 387.3 million securities worth $752.3 million.

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Share market trading lower

Sequester ahead but markets moving higher.

An investor watches market indices monitors at the Australian Stock Exchange (ASX) during morning trade in Sydney 11/08/2011. Source: Supplied

THE Australian share market is trading lower following negative leads from overseas markets.

At 1200 AEDT on Friday, the benchmark S&P/ASX200 index was down 26 points, or 0.51 per cent, at 5,078.1 points, while the broader All Ordinaries index had reversed 26.4 points, or 0.52 per cent, to 5,094.0 points.

On the ASX 24, the March share price index futures contract was 22 points lower at 5,063 points, with 15,143 contracts traded.

CMC Markets chief market strategist Michael McCarthy said negative leads from overseas were behind the drop on the Australian market in intraday trading on Friday.

"In particular, the negative momentum at the end of the US session appears to have spilled into Asian trading today," Mr McCarthy said.

Mr McCarthy said the Australian market also seemed to have trouble moving to new highs, suggesting that a downward correction was on the cards.

Investors had already taken into account positive factors that had been driving the market.

With no further triggers to buy, there could be a substantial pull-back, possibly by some hundreds of points.

On Wall Street in the US overnight, the Dow Jones Industrial Average index flirted with an all-time high but closed in the red after a sell-off in the last 10 minutes.

The Dow Jones closed 20.88 points, or 0.15 per cent, lower at 14,054.49 points on the back of mixed GDP and jobless claims data.

On the local maket, among the major banks, Commonwealth Bank lifted 17 cents to $67.44, ANZ lost 13 cents at $28.59, National Australia Bank advanced 32 cents to $30.52, and Westpac improved 13 cents to $30.90.

In the resources sector, global miner BHP Billiton was 28 cents poorer at $36.79, and Rio Tinto eased 96 cents to $66.09.

Among other stocks, broadcaster Ten Network lifted 1.75 cents, or 5.3 per cent, to 34.75 cents amid speculation that Seven Group chairman Kerry Stokes is increasing his stake in the company.

National turnover was 924.4 million securities worth $2.3 billion, with 517 stocks down, 312 up and 282 unchanged.

View the original article here

Share market trading lower

Sequester ahead but markets moving higher.

An investor watches market indices monitors at the Australian Stock Exchange (ASX) during morning trade in Sydney 11/08/2011. Source: Supplied

THE Australian share market is trading lower following negative leads from overseas markets.

At 1200 AEDT on Friday, the benchmark S&P/ASX200 index was down 26 points, or 0.51 per cent, at 5,078.1 points, while the broader All Ordinaries index had reversed 26.4 points, or 0.52 per cent, to 5,094.0 points.

On the ASX 24, the March share price index futures contract was 22 points lower at 5,063 points, with 15,143 contracts traded.

CMC Markets chief market strategist Michael McCarthy said negative leads from overseas were behind the drop on the Australian market in intraday trading on Friday.

"In particular, the negative momentum at the end of the US session appears to have spilled into Asian trading today," Mr McCarthy said.

Mr McCarthy said the Australian market also seemed to have trouble moving to new highs, suggesting that a downward correction was on the cards.

Investors had already taken into account positive factors that had been driving the market.

With no further triggers to buy, there could be a substantial pull-back, possibly by some hundreds of points.

On Wall Street in the US overnight, the Dow Jones Industrial Average index flirted with an all-time high but closed in the red after a sell-off in the last 10 minutes.

The Dow Jones closed 20.88 points, or 0.15 per cent, lower at 14,054.49 points on the back of mixed GDP and jobless claims data.

On the local maket, among the major banks, Commonwealth Bank lifted 17 cents to $67.44, ANZ lost 13 cents at $28.59, National Australia Bank advanced 32 cents to $30.52, and Westpac improved 13 cents to $30.90.

In the resources sector, global miner BHP Billiton was 28 cents poorer at $36.79, and Rio Tinto eased 96 cents to $66.09.

Among other stocks, broadcaster Ten Network lifted 1.75 cents, or 5.3 per cent, to 34.75 cents amid speculation that Seven Group chairman Kerry Stokes is increasing his stake in the company.

National turnover was 924.4 million securities worth $2.3 billion, with 517 stocks down, 312 up and 282 unchanged.

View the original article here