Australian Stock Market Report - Midday
Australian stocks are recording another solid session of gains, thanks to a firm offshore lead on encouraging US economic data and reports the European Central Bank has bought Portuguese and Irish bonds.
Financial stocks are all tracking well, with the Commonwealth Bank (CBA) the best out of the big four, up 0.9pct to $49.72 in early trade. Macquarie Group (MQG) has risen 1.1pct to $35.86.
Firmer commodity prices have boosted the big miners, with Rio Tinto (RIO) trading up 1.8pct at lunchtime to $86.53. Gold miner Newcrest (NCM) is firmer by 1.1pct to $40.84.
Telstra (TLS) has gained 0.4pct to $2..83.
David Jones (DJS) is holding its Annual General Meeting today, and has been forced to defend its settlement of the sexual harassment lawsuit brought by a former publicist of the retailer. Chairman Robert Savage has told shareholders the case was a “major disruption” in the retailer’s financial year, and settling out of court was the “right thing to do”. DJS shares are higher by 1pct at lunchtime in the east at $4.46.
Qantas (QAN) is also tracking well, up 1.9pct to $2.69.
The Australian dollar is stronger across the board at US97.75c, £0.6259 and €73.9c.