Australian Stock Market Report – Midday 4-8-13

MID-SESSION REPORT
(12.30pm AEDT)

Local stocks are flat to slightly firmer at lunchtime in the East, with mining players providing most of the support.

On Friday, US stocks fell, posting their biggest weekly decline this year, after March non-farm payrolls (jobs data) came in weaker than expected. 88,000 jobs were created in the US economy in March, well below expectations for a rise of around 200,000.

Locally, financial stocks are generally weaker. Shares in Macquarie Group (MQG) are down 2.5% to $35.71 while the National Australia Bank (NAB) is off 0.1% to $30.53.

Index leader BHP Billiton (BHP) is well supported, up 1.5% in the early session to $32.71.

On Friday in Hong Kong, airline stocks plummeted on bird flu concerns. Two people have been confirmed dead with the disease in mainland China. Locally, shares in Qantas (QAN) are down 2.4% to $1.7175 while Virgin Australia (VAH) is weaker by 1.9% to $0.3975.

Retailer Harvey Norman (HVN) is trading without rights to its 4.5c dividend. Shares in HVN are weaker by 11c or 4% to $2.70.

In economic news today, internet job ads fell 1.6% in March versus February while newspaper job ads rose 1.8%. Total job ads fell 1.5% in the month.

The Australian dollar is worth US103.78c, £0.6765 and €79.87c.

So far on the market, 701 million shares have changed hands, worth $1.6 billion. 389 are up, 409 are down and 292 are unchanged.

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