The Australian share market was slightly weaker at noon, edged down by a poor session on Wall Street overnight and falling commodity prices.
All Ordinaries fell 32 points, or 0.68 per cent, to 4708.
Some analysts are saying "It's pretty hard to read too much into today's move. The market has been pretty strong recently and a pullback is not surprising. Earnings should continue to grow, but whether that would continue to support the market is hard to know”
The Housing Industry Association reports an 11.4 per cent increase in new home sales in August as first home buyers flooded the market to take advantage of the government’s $21,000 first home buyer grant boost. The boost to the grant ends at the end of this month.
The Reserve Bank of Australia (RBA) says the nation's local banks have proved resilient during the global financial crisis and are well positioned for a rebound in the world economy.
In its half-yearly Financial Stability Review, the RBA said the banks had performed better than many of their offshore peers since the onset of the crisis in September 2008.
Manufacturer of building products Brickworks Ltd (BKW) has reported a record financial result for the year, with earnings up 5.1 per cent to $113.7 million. The result for the 12 months to July 31 compared to a profit of $108.2 million the year before. The company also announced a share purchase plan to enable eligible shareholders to acquire up to $15,000 worth of shares at $12.40 a share.
David Jones Ltd (DJS) has posted a 6.3 per cent rise in net profit for the year and reaffirmed its fiscal 2010 outlook. The company today reported net profit for the year to July 25 of $156.5 million compared to $147.29 million the year before. The result was the highest since it listed on the ASX in 1995.
Second half profit rose 36 per cent to $65.4 million compared to $48.1 million recorded for the same period the year before. David Jones declared a dividend of 17 cents for the second half a share up from 16 cents in the second half of 2008.
The best performing sector at midday is the Financials excluding Real Estate Investment Trust index up 21 points to 5,590. Shares in Westpac advanced 0.99 per cent to $25.55. Shares in QBE and the Commonwealth Bank are also higher at noon.
The worst performing sector at midday is the Consumer Discretionary index, down 19 points at 1,587.
Gold is trading at $1010.80 US an ounce and the Aussie dollar is trading at 86.99 US cents.
CNP: Analysts were also unsure about the price rise, saying corporate activity was unlikely given Centro’s debt and the flat outlook for its US retail operations. Despite reporting a $3.5 billion loss for the year to June 30, 2008, the chief executive Glenn Rufrano, said he was confident the next six months should be strionger, particularly in Australia. (Done 8 trades and happy profit)
WPL: Shorted at $53 yesterday
25 September
EU M3, Aug
Japan BoJ Policy Meeting
Japan Corp Serv Prices, Aug
NZ Trade Balance, Aug
UK Bus Investment Final, 2Q
US Durable Goods, Aug
US Fed Gov Warsh's speech
US G20 meeting concludes in Pittsburgh
US New Home Sales, Aug
US University of Mich Consumer Confidence, Sept
AEC Ex-Div. 10c
FUT Annual General Meeting (12:30 PM)
GRT Ex-Div. 2c
HTM Annual General Meeting (09:00 AM)
IDL Ex-Div. 1c
LYL Ex-Div. 20c
MMZ EGM (01:00 PM)
MSL Ex-Div. 4.25c
REX Annual General Meeting
http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/
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