daytrade diaries... december 17 part 2

Half-time round-up:

Stocks are on target for their best session in two weeks after an overnight run on commodity prices and a surprise bid for AXA from NAB.

At lunchtime the ASX 200 was ahead 27 points or 0.59% at 4689, driven by gains in the gold sector +2.3%, metals & mining +1.5% and materials +1.4%.

The financial sector edged into the red on selling among the big banks after NAB surprised the market by announcing it would acquire AXA Asia Pacific Holdings' Australian and New Zealand businesses. CEO Cameron Clyne said the bank will embark on a $1.5 billion renounceable rights issue in early 2010 to pay for the deal. The proposal trumped an earlier offer from AMP and AXA's French parent company.

Local businesses remain cautious about the economic outlook, according to a new survey that showed a modest improvement in business conditions. The Westpac-ACCI survey of industrial trends rose 2.2 points to 50.4 in the December quarter. The result was weaker than predicted last quarter and below the 10-year average of 51.9 for the sixth straight quarter.

Asian markets were mostly stronger. Japan's Nikkei added 0.4% and Hong Kong's Hang Seng was up 0.25% but Shanghai slipped 0.25%. Dow futures were at +1.

Crude oil futures rallied 12 cents to $72.88 a barrel. The spot gold price broke through $1,140 an ounce but recently pulled back to $1,137.70, up 50 cents this morning.


Been a turgid morning here. Rode the quick spike in ALL after the options expiry selldown at open and scalped BBG off its lows but both for peanuts. Watching PBG for a bounce and casting around for other trading ideas. Annoyed at missing VIL after tracking it for two weeks...!

Aksier, all the best for the holiday season. Enjoy the break.