The Australian share market was flat at noon, having retreated from the morning's high, as banking stocks declined on the view that they've already had a good run.
Local stocks had gained in early trading after US shares rose to a new high for the year on Friday, and as miners gained on a better-than expected production report from iron ore producer Fortescue Metals.
All Ordinaries rose 4 point to 4,759.
Some analysts are saying "The financials have had a great run recently. People are a bit nervous about the offshore bank reporting because all you need is a couple of bad ones to set things off."
Toll road operator Transurban Group (TCL) says toll revenue for the September quarter increased 6.8 per cent. The company says all of its Australian assets reported traffic growth for the quarter, with toll revenue growth exceeding traffic growth on six out of seven roads.
Transurban says proportional toll revenue, including the impact of the CityLink revenue protection provision, came to $206.9 million for the quarter. Excluding the impact of the CityLink revenue protection provision, revenue was $204.8 million an increase of 7.7 per cent on the prior corresponding period.
The best performing sector at midday is the Consumer Discretionary index which gained 16 points to 1,621. Shares in Macquarie Media advanced 9.46 per cent to $2.14. Shares in McPherson’s and Austar United are also higher at midday.
The worst performing sector at midday is the Financials Excluding Real Estate Investment Trust index, down 34 points at 5,744.
Gold is trading at $1049.15 US an ounce and the Aussie dollar is trading at 90.32 US cents.
13 October
Australia NAB Business Survey, Sep
China business climate index, Q3
China new bank lending, Oct
EU ZEW Sentiment, Oct
Japan bank lending, Sep
NZ Retail Sales, Aug
UK CPI, Sep
UK Retail Price Index, Aug
US IDB/TIPP economic optimism, Oct
AAK Annual General Meeting (05:00 PM)
BKI Annual General Meeting (11:30 AM)
IDL Ex div. 1.0c
http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/
Prepare for the trading day - Setup key support and resistance areas on your charts. Make sure you are aware of pending news that may affect your trading. Don't trade if you are tired, angry, or distracted.
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