A morning of mixed economic signals did little to help the Australian stock market find a direction today.
At lunchtime the ASX 200 was up 6 points or 0.14% at 4537 after building approvals rose last month but retail sales slipped. The gold sector was the standout, up 3.6% after the precious metal hit a record high overnight. Defensive sectors advanced, including telecoms (+0.9%), consumer discretionary (+0.8%) and health (+0.4%). Financials were flat and the mining sector rose 0.5%.
Australian building approvals rose 2.7% in September, beating the market forecast of a 2% rise. But rising consumer confidence failed to translate into increased spending at the shops in September - retail sales fell 0.2%, well short of the median economist forecast for a 0.5% increase.
Asian markets were mixed. Japan's Nikkei slipped 0.11% and Hong Kong's Hang Seng rose 0.74%. Dow futures were at +16. The spot gold price eased more than $3 to $1081.90.
Been a turgid morning here. Skinny scalp on ALL and a premature entry on ABC slowly coming good. Fancied ADN but hesitated too long before it ran.
