Australian Stock Market Report – Midday July 10, 2014

Specialist Geoffrey Friedman reacts to the Dow Jones industrials average passing 17,000 on the floor of the New York Stock Exchange July 3, 2014. The Dow industrials broke above the 17,000 milestone on Thursday and the S&P 500 came within 1 percent of piercing through 2,000 after the U.S. unemployment rate fell to its lowest in almost six years and the American economy created many more jobs than forecast. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS)

Midday Report (12.30pm)

After a solid rebound in the US overnight - helped by positive commentary from the Federal Reserve the Aussie market has opened higher before falling back at noon. After the Federal Reserve stated in its minutes from the last FOMC meeting, that it plans to end its current stimulus program in October 2014. The Dow Jones up nearly 80pts and the NASDAQ up just under 30pts.

We have seen a mixed market today as the banks and the larger retailers fell away.
The market not really reacting to the Australian June job data.
Employment rose by 15,900 in June after falling by a revised 5,100 in May (previously reported as a 4,800 fall in jobs). Full-time jobs fell by 3,800 in June after rising by 22,200 in May. Part-time jobs rose by 19,700 in June after falling by 27,200 in May.
A total of 89,900 new full-time jobs have been created in the first six months of 2014 - marking the best start to a calendar year in four years.
Jobless rate lifts, more looking for work: The unemployment rate lifted from 5.9% to 6.0% in June. The participation rate rose from 64.6% to 64.7%.
Hours worked rose by 0.9% in June after rising by 2.1% in May. Hours worked are up 2.1% over the year.

Fairfax Media (FXJ) today announced another acquisition in its The Domain Group's buying Canberra-based online property site, All Homes for around $10Million. This deal is still subject to regulatory approval and FXJ shares lifted

Gold miner Newcrest (NCM) today announced changes to Executive team, NCMs current Managing Director & Chief Executive Officer, Sandeep Biswas will stay on to lead the company and they have reduced the head count in their team. Newcrest shares are higher today helped by the US$13 increase in the Gold price overnight. NCM up over 3%

Australia's largest listed grain handler GrainCorp (GNC) today announces it has taken a 10% equity stake in leading Egyptian flour miller called Five Star Flour Mills for around $10Million. Graincorp will receive a seat on the Five Star board as part of this deal and will pay for the purchase out of its existing cash reserves. GNC shares started weaker and at lunch are now holding steady

Toll road operator Transurban (TCL) released its quarterly toll road data today till the end of June 2014.
On a statutory basis, toll revenue lifted by 13.1% to $234.1Million year on year. Tolls in the TCL Sydney network continued to deliver strong traffic growth with average traffic growth across Westlink M7, Hills M2 and Lane Cove Tunnel up 10.3% over the quarter. TCL shares slightly higher

Navitas (NVT) the education services provider, today saw its share price rebounding today after yesterday's falls (down near 30%) on the news it lost a major contract with Macquarie University, but today the shares up

The Aussie dollar lifted in overnight trade but has fallen back after the job numbers, now at AUD/USD 0.9400