Unfortunately, at lunch the Australian sharemarket has not yet managed to come back after falling by over 1.3 pct yesterday. The S&P/ASX 200 index (XJO) is up a modest 0.1 pct or 4.4 pts to 4654.4.

Gains from the miners are helping to keep the broader market in positive territory after 2.5 hours of trade. The world’s largest miner, BHP Billiton (BHP) is up 1.01 pct or 43 cents to $43.95 while the iron ore focused RIO Tinto (RIO) is up 0.83 pct or 66 cents to $79.72.

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The price of oil remains under US$100 a barrel for the 5th straight trading day. The country’s second largest oil and gas producer, Woodside Petroleum (WPL) is down 0.49 pct or 22 cents to $44.25.

Building materials company, James Hardie Industries (JHX) is one of the standout performers after announcing its plans to restructure the business, which could lead to it cutting contributions to asbestos injuries next year. JHX shares are up 3.7 pct or 21 cents to $5.88.

Yesterday, Qantas’ (QAN) Chief Executive Officer (CEO), Alan Joyce said that the airline’s profits are being hurt by higher jet fuel prices which have jumped over 20 pct since the start of calendar year 2011. This morning Mr Joyce said that he is considering raising fuel surcharges once again to combat higher energy prices.

The four big banks are mostly lower, with Westpac (WBC) down 0.48 pct or 11 cents to $22.60, following on from its 4.5 pct fall yesterday after going ex-dividend for its 76 cent a share distribution scheduled to be paid to shareholders at the start of July. National Australia Bank (NAB) is down 0.33 pct or 9 cents to $26.79, ANZ Banking Group (ANZ) is down 0.04 pct or 1 cent to $22.31 while Commonwealth Bank of Australia (CBA) is up 0.29 pct or 15 cents to $51.63.

Following the end of daylight savings in April this year, major Asian markets will be trading between the hours mentioned below until mid October.

The Hong Kong sharemarket trades in two sessions each day and will now be opening for trade between 11.30am (AEST) and 2pm (AEST) and then between 3.30pm (AEST) and 6pm (AEST) in its second session.

Out of Japan, the first session will be between 10am (AEST) and 12pm (AEST), while the second session is between 1.30pm (AEST) and 4pm (AEST).

The Singapore exchange will be open for trade between 11am (AEST) and 2.30pm (AEST) for the first session and then between 4pm (AEST) and 7pm (AEST) in its second session.

Sharemarkets in the Asian region are mostly lower once again, with shares in both Hong Kong and Japan the worst performers in early trade.

Hong Kong’s Hang Seng is down 0.59 pct or 134.78 pts to 22825.85, Japan’s Nikkei 225 is down 0.43 pct or 41.16 pts to 9517.14, South Korea’s KOSPI index is flat and China’s Shanghai Composite index is down 0.17 pct or 4.99 pts to 2844.97.

There is no major economic data scheduled for release out of Asia today.

So far today, 1.14 billion shares have been traded worth $1.84 billion. 306 shares are up, 605 are lower and 373 are currently unchanged.

The Australian dollar currently buys US105.5 cents.

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