Australian Stock Market Report – Midday 3-28-13

MID-SESSION UPDATE
(12.30pm AEDT)

Uncertainties about Europe have again reared their head, rattling European and US blue chip stocks overnight. Locally, the Australian share market fell quite hard on open but is currently down around 0.3% at lunchtime in the East.

Financial stocks are the biggest drag, with

Mining stocks are faring better, shares in Rio Tinto (RIO) are up more than 1% at lunchtime while Fortescue Metals Group (FMG), which rose 4.5% yesterday is up another 2.2% to $4.07.

Global crop protection company Nufarm (NUF) has reported a 53% drop in 1H profit, blaming the high Australian dollar and weak sales. NUF shares are down almost 15% in early trade at $4.07.

Today is D-Day for surf-wear retailer Billabong Limited (BBG). It is the deadline for its two suitors, who are offering $1.10 per share, to complete their due diligence on the company. BBG shares are steady at 75c.

The TD Securities/Melbourne Institute monthly inflation gauge rose by 0.2 per cent in March to be up 2.1 per cent over the year. The Reserve Bank aims to keep annual inflation growth between 2-3 per cent.

Australia's population grew by 1.7 per cent over the year to September - the fastest rate in three years. Australia's population stands at 22,785,464 people. Western Australia's population is growing at the fastest annual rate on record at 3.45 per cent.

At lunchtime in the East, the Australian dollar is buying US104.46c, £0.69 and €81.75c.

So far on the market, 970 million shares have changed hands, worth $4.5 million. Today is the last trading day before the Easter break.

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