Australian Stock Market Report - Midday
The Australian share market is currently posting some modest gains with the S&P/ASX 200 index currently flat. Our miners are mostly stronger with the S&P/ASX 200 Materials index up just over 0.5pct or 59pts to 11316.6.
Our largest banks were in the black on the open however have steadily been pulling back with Commonwealth Bank of Australia (CBA) the only major to gain, up 0.17pct or 8cents to $47.81. The other 3 largest banks are all weaker with National Australia Bank (NAB), currently down 1.34pct or 31cents to $22.75.
Our largest miners are starting to make up for last week's heavy losses, with BHP Billiton (BHP) up 0.38pct or 14cents to $37.23. Competitor RIO Tinto (RIO), is up 0.63pct or 41cents to $65.72. Coal producer, Centennial Coal Company (CEY) is up 32.58pct or $1.44 to $5.86 after receiving a $2.5 billion friendly bid from Thai company BANPU. This values the company at around $6.2 per share, which is a 40pct premium to the company's Friday close.
On the economic front, the number of job advertisements gained 2.7pct in June which is exactly the same percentage increase as May. The number of online job advertisements rose by 3pct, however advertisements in newspapers recorded a slight fall. More information on advertisement data will be posted on the market close report today.
In the rural sector, Australia's largest sugar producer, CSR Limited (CSR) is up 3.25pct or 5.5cents to $1.745 after the company agreed to the sale of its renewable energy and sugar business, Sucrogen to Singapore listed agribusiness Wilmar International for $1.75 billion.
The industrials are pulling back slightly, our retailers are trading higher and Australia's largest energy companies have started the week off stronger.
The Australian dollar (AUD)is stronger and currently buys US84.32c