Australian Stock Market Report – Midday 11/19/13

MID-SESSION REPORT
(12.45pm AEDT)

Despite another record high on the US Dow Jones Index overnight, the Australian share market is once again being sold off.

Nearly every sector is in the red at lunchtime in the East, sending the overall share market down 0.4 per cent.

Building products maker CSR Limited (CSR) is one of the biggest drags, down 3.6 per cent to 10c to $2.67 as it trades without rights to its 5c per share dividend.

Seven Group Holdings (SVW) is holding its Annual General Meeting today, with Chairman Kerry Stokes telling shareholders the earthmoving company WesTrac is still experiencing a challenging time with the prices of gold, nickel and aluminium reducing activity and profits SVW shares are firmer by 0.7 per cent at lunchtime to $7.525.

Bega Cheese (BGA) is meeting with shareholders of Warrnambool Cheese and Butter Factory (WCB) in Victoria today, to try and convince them to agree to BGA's offer for the company. But WCB has recommended its shareholders accept a $9 per cash unconditional offer from Canadian firm Saputo.

Minutes from the Reserve Bank's November board meeting have been released, showing the central bank believes the current economic stimulus is doing its job, but is open to further rate cuts as previously flagged, if necessary.

There was no major movement from the Australian dollar following the release of the minutes and at lunchtime in the East the AUD is still buying US93.78c.

So far on the market, 833 million shares have changed hands, worth $1.6 billion. 346 are up, 478 are down and 290 are unchanged.

The Japanese share market is down 0.6 per cent in early trade, while South Korea's KOSPI Index is up 1.1 per cent. The Shanghai Composite is flat in early trade after rising almost 3 per cent on Monday.

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