daytrades march 19 afternoon

Originally posted by highlandlad ↑

Thanks HLL

Uncertainty dominated the Australian share market in morning trading, with the bourse edging slightly into the green at noon on low volumes.

All Ordinaries index had climbed 7.7 points, or 0.16 per cent, at 4,885.4.

A report has found Australia?s economy is set for further growth this year, but the rapid deterioration of household finances is likely to pose a hurdle. The Melbourne Institute bulletin of economic trends shows the domestic economy should grow by 0.8% during the March quarter and by 0.6% in the following three quarters.

Analyst said ?The market was stuck in a holding pattern that had dominated the last two weeks of trading, with general uncertainty producing a lack of conviction among investors to take long-term positions. We're struggling to see movements greater than 10 points positive or negative, and today's no different. The underlying volume is very lacklustre. There are a few clouds hanging over the market... and a few negatives, which is why the trading community is not dipping its toes in. Banks are pretty mixed and resource stocks are weaker on the back of some of the overnight metals moves as well,"

Packaging company Amcor Ltd (AMC) is facing a potential $697 million damages claim from customers after it was found guilty in 2007 of engaging in price fixing with rival Visy Industries. Australia?s Competition and Consumer Commission successfully prosecuted the cartel and Visy was fined $36 million but Amcor was granted immunity for alerting regulators to the cartel?s existence. Dow Jones Newswires reports that a class action, involving around 5500 parties, has now been launched by Queensland banana packager, Jarra Creek Central Packaging Shed, demanding damages. Amcor says it will dispute the damages estimate put forward by the class action. Shares in Amcor are up 0.49% at $6.11.

MAp Group Ltd (MAP) has reported an increase in traffic across its airports, including a 12.3% hike in passenger numbers at its flagship Sydney Airport. The company, formerly Macquarie Airports, says the increase in passengers was driven by a 20% rise in the number of US visitors. CEO Kerrie Mather says the group?s airports are rapidly recovering from the global financial crisis, with double digit growth achieved at Sydney and Copenhagen. Ms Mather says passenger numbers through Sydney Airport included a 31% hike in Chinese visitors, impacted by the later timing of the Chinese new year. MAp Group booked a loss of $572.7 million for calendar 2009.

Turning now to market indices: The best performing sector at midday is the Industrials index, up 21 points at 3,998.

The worst performing sector is the Materials index, down 37 points to 12,700.

Gold is trading at US$1,125.55 an ounce and the Aussie dollar is trading at 92.11 US cents.

QUICK TRADES[Morning]
IPL: 3.51/3.55
KOG: 0.23c/0.24

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/