Australian Stock Market Report – Midday 9/24/13

MID-SESSION REPORT
(12.30pm AEST)

The Australian share market is in the red for a third consecutive session, after US stocks closed lower and most commodity prices were sold down.

US investors were also left confused after three separate US Federal Reserve committee members presented differing views on when the Central Bank should start to taper its bond buying program QE3, just a week after Chairman Ben Bernanke indicated the stimulus would remain as is.

The materials sector is one of the worst performing, down 0.8 per cent while financial stocks are down 0.6 per cent.

In company news, outdoor wear retailer Kathmandu (KMD) shares are up an impressive 9.8 per cent at lunchtime to $2.80. The retailer has defied the so-called retail doom and gloom by posting a near 27 per cent rise in FY13 profit to NZ$44.2 million ($39.8M). KMD will also pay shareholders a final dividend of 9c per share, taking total FY payments to 12c per share.

Meanwhile, there are reports Nine Entertainment Company may list on the market in December. The report claims Nine will aim to raise between $800M to $1.2B in the float in order to pay down its debt.

Commonwealth Bank's "Signals" research out today shows Queenslanders pay the most oer person to run and maintain their cards, around $4,108 per customer. Toll-paying New South Wales motorists fork out $336 per annum on tolls while residents in WA fork out the most on parking. The report also found motorists spent the most on maintaining their cars in May and June, but the least in January.

The Australian dollar is buying US94.07c, £0.5867 and €69.72.

So far on the market 650 million shares have changed hands, worth $1.3 billion. 337 are up, 430 are down and 278 are unchanged.

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