The Australian share market was nearly two per cent higher at noon led by strong gains on the financial and resources sectors.
All Ordinaries had gained 82.5 points, or 1.76 per cent, at 4759.4.
Some analysts are saying "We're certainly following the very strong US lead with the Dow and commodity prices trading higher. The banks are doing exceptionally well and the materials are doing very well. It's a tick of confidence today as we get the ongoing better-than-expected data from offshore."
Australian airline Qantas Airways Ltd (QAN) says group passenger numbers for August increased 6 per cent over the previous year. The Qantas group includes; Qantas Domestic, QantasLink, Jetstar Domestic, Qantas International and Jetstar International. The airline says group Revenue Passenger Kilometres, a measure of sales volume of passengers, fell 1.4 per cent.
Provider of specialist services to the underground coal mining industry, oil, gas and maintenance sectors in Australia, WDS Ltd (WDS), has announced a $45.7 million capital raising and the acquisition of Titeline Energy.
The raising comprises of a placement to institutional investors of approximately $18.2 million and a one for seven non-renounceable $27.5 million entitlement offer. Both the institutional placement and entitlement offer will be conducted at the same offer price of $1.70 a share, an 18.7 per cent discount to the company’s last closing price on September 28.
Property investor Macquarie CountryWide Trust (MCW) has completed the issue of its $265 million commercial mortgage backed securities program. The company says it has also repaid in full the 2006 Australian dollar commercial mortgage backed securities using proceeds from the new issue, cash from recent asset sales and funds drawn from a head trust debt facility. The securities have a three year term with an option to repay after two years. CEO Steven Sewell says the company is pleased to have completed the first Australian commercial mortgage backed securities issue in the market since October 2007. Macquarie CountryWide shares gained 0.76 per cent to $0.66. All sectors are in positive territory at midday, however the sector with the biggest gain is the Financials excluding Real Estate Investment Trust index which is up 133 points to 5,774. Shares in Bank of Queensland advanced 5.54 per cent to $11.62. Shares in AMP and Lend Lease are also higher at noon.
The sector at midday with the smallest gain is the Telecommunications index, up 5 points at 1,129.
Gold is trading at $991.45 US an ounce and the Aussie dollar is trading at 87.35 US cents.
30 September Australia Building Approvals, Aug Australia Private Sector Credit, Aug Australia Retail Trade, Aug US ADP Employment, Sep Australia Conference Board Leading Index, July Japan Construction Orders, Aug Japan House Starts, Aug Japan Industrial Production, Aug Japan Manufacturing Purchasing Managers Index, Sep US Chicago Purchasing Managers Index, Sep US Core Personal Consumption Expenditures, Q2 US GDP, Q2 revision
ADG Ex-Div. 12c ASX Annual General Meeting (10:30 AM) ASX Annual General Meeting AVE Ex Div 2c DKN Ex-Div. 2c ESN EGM (11:00 AM) FCS EGM (09:00 AM) GFF Ex-Div. 6c MMX Full Year Results WEB Annual General Meeting (11:00 AM) WHG Ex-Div. 1.5c
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.
