daytrades july 21 afternoon

Thanks Tweets. Half-time round-up:

A cautious outlook from BHP has not stopped the big miners leading the Australian share market higher for a second day.

At lunchtime the ASX 200 was up 20 points or 0.46% at 4423. The rise was fronted by the metals & mining sector, up 1.6%, ahead of materials +1.5% and property trusts +0.6%.

BHP shares advanced 1.5% despite the miner accompanying its quarterly report with a warning about the outlook for commodity demand.

"Uncertainty surrounds the near term prospects for growth in the developed world as governments adjust fiscal policies following a period of significant stimulus and subsequent increase in sovereign debt levels," BHP said in a statement quoted on Fairfax websites. "Within China, measures introduced to reduce growth to more sustainable levels means volatility in commodity end-demand is likely to persist."

Shares in Woolworths fell 2% after the supermarket chain reported a slowdown in sales growth. Analysts said the company faced headwinds in rising interest rates and the withdrawal of government stimuli.

The economy is going gangbusters but showing early signs of moderating growth, according to data released this morning. The WBC-MI leading index of economic activity showed annual growth of 6.7% in May, well ahead of the long-term trend of 3% but down for a second month. The index hit a recent high of 8.6% in March.

"In absolute terms the growth rate remains remarkably high but it appears that growth in the index has peaked," Westpac chief economist Bill Evans told Fairfax websites. Mr Evans said the result supported the case for further interest rate rises.

Asian markets advanced. Japan's Nikkei edged 0.23% higher, Shanghai 0.54% and Hong Kong's Hang Seng was up 0.89%. Dow futures were recently at -9.

Crude oil futures slipped 22 cents this morning to $77.64 a barrel. The spot gold price was 60 cents stronger at $1,90.80 an ounce. The Aussie dollar was moderately lower against the major currencies, buying 0.8824 U.S. cents, down 0.07%.


A solid morning here, with bounces traded in AWE (nice), RMD (peanuts) and DLX (first ever trades there - looks like a promising trading stock). Yesterday's buy in NUF is turning into a ripper. Happy to hold until the momentum abates.