Australian Stock Market Report - Midday 11/16/2011

MIDDAY REPORT (12m AEDT)

The local share market is recording modest growth mid-session, after a mixed night on world markets. European share markets closed lower after Italian bond yields (borrowing costs) rose and following a lacklustre reading on third quarter economic growth. Wall Street recorded modest gains in a choppy session, with technology stocks the best performers.

Locally we're still seeing strong growth come through from uranium players, on expectations ALP policy will be reversed, allowing uranium exports to India. Shares in Deep Yellow (DYL) are up 3pct, Toro Energy (TOE) is firmer by 4.7pct and Peninusla Energy (PEN) has gained 2.1pct.

Qantas (QAN) has gained 6.7pct on hopes a deal will be struck with unions ahead of Monday's deadline. The 21 day period for non-strike action by unions ordered by Fair Work Australia ends on Monday. Qantas has also today welcomed the new Boeing 787 Dreamliner in Sydney.

The Australian dollar is buying US101.42c.

Juliette Saly, CommSec Market Analyst

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