Australian Stock Market Report – Midday 4-5-13

MID-SESSION REPORT
(12.30pm AEDT)

Local stocks are once again in the red, despite gains on Wall Street overnight and the Nikkei rising more than 4% on open following aggressive stimulus announced yesterday by the Bank of Japan.

The All Ordinaries Index (XAO) is down 0.4% with banks doing most of the damage.

Mining stocks are generally firmer, with gold miner Newcrest Mining (NCM) firmer by 1.8% in early trade following two sessions of heavy losses.

Retail stocks are generally firme, with outdoor wear retailer Kathmandu (KMD) up 2.6% to $1.99. JB Hi-Fi (JBH) has gained 1.6% to $15.16. However David Jones (DJS) is trading without rights to its 10c per share dividend today, sending its share price lower by 10.5c or 3.5% to $2.895.

After a strong gain yesterday, Virgin Australia (VAH) shares are lower by 3.5% to 41c while Qantas (QAN) is firmer by 0.3% to $1.805.

So far in trade, 661 million shares have changed hands, worth $2.1 billion. 358 are up, 397 are down and 304 are unchanged.

At lunchtime in the East, the Australian dollar is buying US104.21c, £0.6838 and €80.57c.

The Australian Government today announced a raft of superannuation changes, including a tax exemption on superannuation earnings. Supporting pensions and annuities will be capped at $100,000, while anything above that level will be taxed at a rate of 15%.

Chinese and Taiwan markets are closed today for public holidays.

Tonight in the US, the non-farm payrolls data (monthly employment data) for March is released.

[Kick off your trading day with our newsletter]