The Australian sharemarket looks likely to gain for the second straight day this week with the S&P/ASX 200 index up 0.3pct or 14.5pts to 4556.1 whilst the broader All Ordinaries index (XAO) is gaining by 0.4pct or 17.7pts to 4572.1. Most sectors are currently stronger with defensive health care stocks amongst the only areas of the market to pull back.

Retail trade figures in addition to the number of building approvals for June were released at 11.30am (AEST) this morning and did not meet market expectations. This has resulted in the market pulling back over the last hour or so (however still remains in the black).

At 2.30pm (AEST), the Reserve Bank of Australia (RBA) will release their interest rate decision today. We are expecting rates will remain unchanged at 4.5pct until at least November this year.

Education services provider, Navitas (NVT) is up 5.91pct or 26cents to $4.66 after announcing net profit for last financial year rose by 31pct to just over $64 million. NVT provides education programs in Australia, the UK, Canada, Sri Lanka, South Africa and Singapore.

The miners are amongst the best performers with commodities in general gaining strongly overnight off the back of a weaker US currency. Australia's second largest miner, RIO Tinto (RIO) is up by 2.35pct or $1.67 to $72.82 whilst the larger BHP Billiton (BHP) is up by 1.49pct or 60cents to $40.90.

Gold producers, Newcrest Mining (NCM) and the smaller Lihir Gold (LGL) are both trading the red after Canadian gold company, Barrick Gold (ABX;cn) ruled out making a rival bid for LGL. NCM has already made a $9.7 billion bid for LGL.

The retailers are currently mostly stronger with the exception of up market retailer, David Jones (DJS), which is currently trading unchanged. This comes after a $37 million court action against DJS was announced yesterday.

The Australian dollar (AUD) is still stronger compared to yesterday but has eased slightly after worse than expected economic data out this morning locally and buys US90.98c.