Australian Stock Market-MIDDAY (7/21/2011)
LUNCHTIME REPORT
(12.15pm AEST)
Local stocks are managing to hold onto yesterday's impressive gains despite small losses on Wall Street overnight. Investor sentiment has been boosted by hopes Eurozone members will agree to a second bail-out deal for Greece when they meet in Brussels later tonight. The All Ordinaries Index (XAO) is up 23.8pts or 0.5pct to 4642.
Financial stocks are all holding up well, with the S&P/ASX 200 Financials Index (XFJ) firmer by 0.8pct. The STOXX Europe 600 Banks index rose a further 3.7pct overnight in European trade.
Australia's largest gold producer Newscrest Mining (NCM) is firmer by 0.5pct to $41 after reporting a 16pct jump in fourth quarterly production figures.
Oil and gas explorer Santos (STO) shares have risen 0.9pct to $13.47 after the company reported good second quarterly production figures, in line with expectations.
And NewsCorp (NWS) shares are continuing to rebound, up a further 1.8pct today to $15.51. NWS has now clawed back 9pct since Monday's two year low of $14.17 ahead of the start of the UK parliamentary inquiry into the News of the World phone hacking scandal.
The Australian dollar is worth US107.5c, £0.665 and €75.4c.
(From Juliette Saly, CommSec Market Analyst)