The majority of Aussie shares made modest gains across most sectors helping the S&P/ASX 200 to rise 0.4% by lunch. The banks were flat as news filtered out that their US peer, Bank of America, would repay US$45 billion in TARP payments to the US government.
In economic news, according to the Australian Bureau of Statistics retail trade rose a seasonally adjusted 0.3% in October to $19.75 billion. The increase was in line with forecasts after a 0.2% decrease in September.
At midday, the All Ords added 14.9 to 4,791.6, while the ASX/200 gained 15.6 to 4,778.0. About 1 billion shares worth around $1.9 billion had changed hands.
The big four banks had barely troubled the scorer by lunch with Westpac adding just 7c or 0.3% to $24.34 to be the best performing stock.
The Banks and Financials sector rose 0.2%.
Macquarie Group rose 98c to $49.08, while the insurers were mixed. Suncorp-Metway gained 27c to $9.15, while losing ground was AXA Asia Pacific, down 10c to $5.78.
The heavyweight miners matched the banks with BHP Billiton just 0.5% higher at $42.12. Rio Tinto eked out a 21c gain to $73.75. The broader Materials and Resources sector rose 0.7%.
Investors took a breather the gold miners today with Lihir and Newcrest Mining adding just 2c and 28c to $3.75 and $39.54 respectively.
Nufarm bounced back from two days of heavy losses to edge 14c higher to $10.65. At today’s AGM the company said it was on track to post an increase on last year’s profit, despite slow sales in the first half of the year.
Incitec Pivot rallied 15c, or 5.1% to $3.09.
Macarthur Coal added 32c to $9.66. Yesterday the company said it hoped to double coal production within 5 years.
The Energy sector was up 0.4%, with most stocks trading close to the gain line. Coal stocks outperformed, however, with Whitehaven adding 15c to $4.45 and New Hope up 19c to 4.4% to $4.47.
Sector major Woodside dipped 23c to $49.57.
Consumer Discretionary stocks were 1.4% higher on the back of gains from the retailers.
Harvey Norman rose 7c to $4.49 and Pacific Brands added 3.5c, or 2.8% to $1.275.
Fairfax and Newscorp advanced 1.8% and 2.3% to $1.70 and $15.33 respectively.
Yesterday Seven increased its stake in Jamie Packer’s Consolidated Media to just over 22%, though neither stock particularly interested investors this morning.
Consumer Staples was off 0.3%. Woolworths shed 12c to $27.97, while Wesfarmers dipped 1c to $29.39 per share.
This week the two companies have been trading places for the honour of Australia’s largest food retailer. By market capitalisation, both companies are valued around $34 billion.
A 59c or 1.6% gain from Leighton to $37.44 was offset by an 18c or 2.7% fall from Brambles to $6.46, leading to the Industrials sector being flat at lunch.
Qantas outperformed among transport stocks, flying 7c higher at $2.82 in what has been a turbulent week for the stock.
Other transport and logistics stocks, including Toll, were effectively unchanged.
Telstra, whose share price has risen 10% in the last month, was flat to lunch, though the broader Telecommunications sector rose 0.2%.
Meanwhile, CSL lost 34c, or 1.1% to $31.42, dragging the Healthcare sector down 0.3%.
Around the region, the Nikkei 225 added 199.5 to 9,808.4, while the Straits Times Index gained 3.5 to 2,799.9. Meanwhile, the NZSE50 put on 6.8 to 3,156.2.
Spot gold was trading at US$1224.13 per ounce, and the Aussie was buying US$0.9288.
Nufarm FY10 profit to jump
Nufarm said at today’s AGM that it was expecting improved conditions this year to deliver an increased net profit above last year’s post-tax profit of around $80m. The company said this was despite a soft start to the year to date, which has seen sales down from the previous corresponding period.
At noon, Nufarm shares were up 16c to
$10.67
