Australian Stock Market Report – Midday November 27, 2014

Traders work on the floor of the New York Stock Exchange shortly after the markets open in New York November 7, 2014. REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS)

 The Australian market is improving for the second day and is trading around its best level in more than a week. The ASX 200 is up 0.1 per cent and remains slightly above the key 5400pt level. This follows a 1.1 per cent surge posted on Wednesday.

 US markets edged higher overnight and continue to hit fresh record highs.

 Mining and energy sectors are the main drags on the local market and continue to seesaw from gains to losses this week. Some of yesterday's shine is being wiped away with the miners down 0.5 per cent and energy stocks slipping by 2.2 per cent. Signs that OPEC oil ministers might not cut oil production at an important meeting tonight has seen the price of oil fall for the third day to the lowest level in four years.

 Seek (SEK) is up by 2.3 per cent as the online job search website re-affirmed its profit guidance and said that conditions have been better than expected so far this year.

 Healthcare stocks are today's standouts rising by more than 1 per cent. News that the Australian government could drop plans for the $7 per visit co-payment has helped push some companies within the sector higher at lunch. Sonic Healthcare (SHL) is up by 2 per cent while Primary Healthcare (PRY) is gaining by more than 3 per cent.

 Bank of Queensland (BOQ) is up 1.7 per cent after Australia's sixth largest bank has confirmed the business is heading in the right direction at its Annual General Meeting (AGM). BOQ shares are up 3.7 per cent this calendar year.

 Major banks are up by 0.5 per cent as an industry while Telstra (TLS) is up by around 1 per cent.

 On the economic front, business investment over the past quarter has edged higher by 0.2 per cent. Building investment has fallen by 1.9 per cent however while investment in equipment has jumped by 4.4 per cent.

 Volume at lunch is largely average with 825.2m shares traded worth a little more than $2bn. 378 stocks are up, 381 are down and 317 are unchanged.

 The Australian dollar buys US$0.855, €0.684, ¥100.5 and £0.541.

[Kick off your trading day with our newsletter]