Local stocks are trading relatively unchanged today, following a strong performance yesterday. US and European markets fell overnight on economic concerns, while commodity prices were all lower with the exception of gold.

Financial stocks generally look strong, with the big four banks all trading in the black. However insurance stocks are once again under pressure, with analysts expecting a big jump in premiums to cover the cost of the damage from the Queensland floods. Shares in QBE (QBE) are down 0.6cpt to $18.29 while Suncorp-Metway (SUN) has fallen 0.8pct to $8.40 while IAG (IAG) is steady at $3.85. The Bank of Queensland (BOQ) continues to be sold off, down 0.4pct to $9.85.

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Mining stocks are trading lower in response to falls on the London Metals Exchange overnight on concerns demand may wane in China ahead of the Chinese New Year. BHP Billiton (BHP) shares are down 0.9pct to $45.62 while Rio Tinto (RIO) is lower by 0.3pct to $86.77 and Newcrest Mining (NCM) has fallen 2.1pct to $38.18 despite the firmer gold price.

A number of companies have updated the market about the effect the floods have had on their businesses. Breadmaker Goodman Fielder (GFF) says its Queensland business has been relatively unscathed, with shares in GFF up 1.9pct to $1.36. Ardent Leisure Group (AAD) has also escaped most of the damage, its share price is up 3.4pct to $1.055. The Reject Shop (TRS) has resumed trading after it requested a halt due to flood concerns at its main Ipswich distribution centre. TRS is trading up 0.5pct to $13.14.

The Australian dollar touched parity with the greenback overnight and is slightly weaker at lunchtime in the East, buying US99.64c, £0.6292 and €74.7c.

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