Australian Stock Market Report – Midday 11/8/2012

MID-SESSION REPORT
(12.15pm AEDT)

Local stocks have followed global markets into the red, as investors bailed out of equities overnight. The Dow Jones Index recorded its worst trading session for 2012, with investors concerned about how the US government would tackle the so-called "fiscal cliff" and help avoid America heading back into recession. Uncertainty over the Greek parliament vote on austerity measures also contributed to a sell-down. Early this morning, the Greek government secured enough votes in parliament to approve the deeply unpopular tax cuts.

At lunchtime in the East, the All Ordinaries Index (XAO) is down 35.5pts or 0.8pct to 4498.7 after hitting an intra-day low of 4478.5pts.

The ANZ Bank (ANZ) is the worst performing out of the big four banks, trading without rights to its dividend. Shareholders will receive a 79c payment from the bank, with ANZ shares down 4pct to $1.01 to $24.50.

Coca-Cola Amatil (CCL) is the best performer out of the ASX50, up 1.3pct to $13.44.

Mark Bouris's financial firm Yellow Brick Road (YBR) is firmer by 27pct to $0.38 after confirming a joint venture with Macquarie Group (MQG). MQG shares are down 2pct to $31.18.

The Australian dollar has spiked to US104.28c after the October jobs report showed 10,700 jobs were created last month. Unemployment remained steady at 5.4pct.

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