The share market took a breather this morning, lingering near yesterday's 2011 high despite a slide in resource stocks.
At lunchtime the ASX 200 was 7 points or 0.15% weaker at 4787 as gains in consumer staples, banks and IT were offset by falls in gold stocks, metals & mining and materials.
Consumer staples rebounded as more details emerged of the likely cost of the floods in Queensland. Shares in Woolworths rallied more than 2% this morning.
"We've seen some certainty with the announcements from Woolworths and Suncorp, so the market is starting to get a grip on the actual effects," RBS Morgans Brisbane director Hamish Dee told Fairfax. "Woolies has come out with announcements about store closures as a result of the floods, and that was slightly better than expected."
U.S. futures were modestly stronger following this morning's after-market release of a 48% profit rise by technology bellwether Intel. Shares in the chip-maker rallied more than 2% in after-market trade. Dow futures were recently at +7.
Asian markets were mixed. Japan's Nikkei slid 0.26%, Shanghai was up 0.22% and Hong Kong's Hang Seng up 0.14%.
Crude oil futures softened 9 cents this morning to $90.91 a barrel. Spot gold rebounded $2.90 to $1,375.90 an ounce. The dollar was buying 99.61 U.S. cents.
Good to see the market hold yesterday's gains. Any sort of positive overseas lead tonight/next week should see a breakout, with plenty of room to advance before any significant overhead resistance. A nice morning's bounce trading here in WFM, MOO and JHX. Also had part fills in PRW and MOT.
