daytrades august 23 afternoon

Thanks Tweets. Half-time round-up:

The Australian share market edged higher this morning as strength in mining shares overcame election uncertainty and dividend-related falls.

At lunchtime the ASX 200 was ahead 2 points or 0.04% at 4432, confounding expectations that the weekend election result would weigh on trade today. Metals & mining stocks were the main driver of the morning's gains, rallying 0.8%.

The big banks were mixed after Westpac revealed a fall in revenue that tempered enthusiasm for a 27% rise in Q3 profit. Telstra was the biggest drag on the market, hitting an all-time low after going ex-dividend this morning, along with fellow market heavyweight WPL.

"The larger resource stocks seem to have reacted fairly positively to the election result or lack thereof on the weekend," RBS Morgans private client adviser Craig Walker told Fairfax websites. "BHP is up fairly strong, and Rio is not doing too badly either."

Shares in Fosters surged more than 5% on speculation that global giant SAB Miller is preparing a $12.2 billion take-over of Australia's largest brewer.

Asian markets were mixed. Japan's Nikkei fell 0.42%, Shanghai rallied 0.09% and Hong Kong's Hang Seng was down 0.35%. Dow futures were recently at a moderately bullish +28.

Crude oil futures rallied 32 cents or 0.4% this morning to $74.14 a barrel. The spot gold price was 50 cents stronger at $1,228.50 an ounce. The Aussie dollar was stronger against the major currencies, buying 89.04 U.S. cents.


A much more bullish morning than I expected but less volatility than hoped. CDU continues to provide quick trading opportunities - been in twice this morning, one win one loss. (Commiserations to long-term holders for a ghastly situation for those who kept faith. No bottom in sight yet, sadly.) Also been in and out of AZZ.