US markets were closed overnight for the Thanksgiving Day holiday. Wall Street will reopen for a half day trade today but we are expecting most traders will have taken a four day weekend. Australian stocks have opened higher. The Australian market opened 20points higher and at lunch time the market is still up 17points or 0.37pct to 4,700point.

The media sector in the spotlight after yesterdays so called "´´anti-siphoning´´ legislation was passed by the Australia´s government. This lists new rules covering the carve-up of televised sports program in Australia. Yesterday's announcement was a win for the free to air operators in an industry that is said to be worth more than $2 Billion. Shares in free to air and digital operator Ten Network Holdings Limited (TEN) up 1cent or 0.7pct to $1.52 while Seven Group Holdings Limited (SVW) up 2pct or 17cents to $8.58. This legislation could have an ongoing impact on pay TV market. TV channel Fox Sports, owned by Foxtel is 50% owned by Telstra Corporation (TLS) and Foxtel's 25% owner by the James Packer controlled by his stake in Consolidated Media Holdings Ltd. (CMJ). Consolidated Media shares off 0.3pct to $3.18 and lastly News Corp. (NWS) that also owns 25% of Foxtel up 0.9pct or 14cents to $16.13.

Telstra shares came under pressure in morning trade after its recent strong run. The Australian Senate is expected to pass legislation leading to a split in its businesses as facilitate the creation of the National Broadband Network later today. Telstra shares off 1cent or 0.36pct to $2.87.

The banking sector is again under pressure with shares in the ANZ Banking Group Ltd (ANZ) the best out of the big four lenders up another 0.8pct or 19cents in early trade to $22.66. But Westpac (WBC) off 6cents to $21.14, and Commonwealth Bank (CBA) down another 23cents or 0.48pct to $47.78.

Mining stocks Base metal prices posted firm gains on the London Metal Exchange on Thursday with sentiment underpinned by the positive US economic data released a day earlier. BHP Billiton Limited (BHP) up 0.65pct or 28cents to$43.37 and Rio Tinto Limited (RIO) up 1.64pct to 84.41 with the main gains coming from the iron and steel stocks. Mount Gibson Iron Limited (MGX) up another 0.5pct today and Atlas Iron Limited (AGO) up 1.78pct to $2.98. Fortescue Metals Group (FMG) has gained 9cents or 1.36pct to $6.72.

Our gold producers are trading slightly higher after gold held on to recent gains and closed slightly higher in thin trade overnight. Newcrest Mining Limited (NCM) up 0.5pct, while Silver and gold miner, Andean Resources Limited (AND) up 0.6pct to 6.43.

In the energy sector higher after oil prices still held above US$84 a barrel in electronic trade. Shares in Woodside Petroleum (WPL) gained 1.89pct to $41.42 and Santos Limited (STO) up by 0.49pct or 6cents to $12.39.

The standout stocks in the energy space today have been the uranium stocks, after strong rally in uranium stocks in Canada overnight on the back of news that the weekly quoted price of uranium had topped US$ 60 a pound that is up 45pct in the last 4months alone. Toro Energy Limited (TOE) up over 3.2pct to 16.5cents and Paladin Energy Limited (PDN) up 1.65pct to $4.94, Deep Yellow Limited (DYL) up 5.66pct to 28c with Energy Resources of Australia Limited (ERA) is the world´s fourth largest uranium producer adding 1.25pct or 14cents to $11.30.

Aristocrat Leisure (ALL) company operates as a developer, manufacturer and distributor of gaming machines (poker machines) has seen its shares off 16.5pct or 55cents to $2.78, after issuing profit warning; the US economic downturn has hurt the revenue of the slot machine industry.