The Australian share market was more than one per cent higher at noon, buoyed by rises in miners and the banks.
All Ordinaries index had risen 72 points, or 1.5 per cent, to 4,873 points.
Some analysts are saying "We had a very positive lead from offshore overnight, with both the US market and commodity prices trading significantly higher. The copper price rose because of the weaker US dollar and supply disruptions, and that has flowed through our resource sector. Gold stocks are also faring well on the back of continuing strength in the gold price,"
The ABS has released data showing that Australia’s international merchandise imports increased 14 per cent to $17.6 billion in September from $15.5 billion in August.
Institutional investors have snapped up shares offered as part of an $895 million capital raising by Oil Search Ltd(OSH), with the offer oversubscribed. The oil and gas company said on Tuesday it had completed an institutional placement of 151.7 million new ordinary shares at $5.90 per share.
All sectors are in positive territory at midday, however the sector with the biggest gain is the Materials index which gained 204 points to 11,964.
The sector with the smallest gain at midday is the Telco Services index, up 8 points at 1,092.
Gold is trading at $1063.50 US an ounce and the Aussie dollar is trading at 92.87US cents.
21 October Australia leading economic index, Aug Australia motor vehicle sales, Sep NZ credit card spending, Sep UK minutes of BoE meeting, Oct US Fed Beige Book ACG Annual General Meeting (11:00 AM) API Full Year Result AXA Sep-qtr cashflows BHP Sep-qtr production report CGS Annual General Meeting (01:00 PM) CMW Annual General Meeting CRZ Annual General Meeting CXG EGM (10:30 AM) EMB Annual General Meeting (11:00 AM) FGL Annual General Meeting MNL Annual General Meeting (11:30 AM) OEC Annual General Meeting (10:00 AM) PLV Annual General Meeting (11:00 AM) POZ Annual General Meeting (10:00 AM) QAN Annual General Meeting RCY Annual General Meeting REF Annual General Meeting SKE Annual General Meeting TWO Annual General Meeting (11:00 AM) WTP Annual General Meeting (10:30 AM)
Sold OSH at $6.27 Sold CAA at .039c(Just over night hold) PRR sold at .17c(will re enter at .16
Take losses - Until you can accept stopping out of losing trades, you will not become a consistent, profitable trader. No one wins every single trade. Cut your losing trades according to plan.
