daytrades nov 16 afternoon

Hi folks. Was offline all morning having electrical stuff done so I have missed everything. I was desperately trying to find some intelligent comments to make but have decided that's a lost cause for today. Can only make you miss HLL's summary all the more.

But I thought I'd just mention that like many here I'm a bit uneasy about PJ's absence. Given that there's nothing we can do about it and there doesn't seem to be any news, I am just going to wait and see. So if you're feeling a bit angsty and getting cross with people on the thread, just let it go. The worst thing would be if PJ turns up and we have not kept the Daytrade forum in good order and humour in his absence.

Cheers


LUNCHTIME REPORT
Courtesy of Commsec

The local share market is trading fairly flat in early trade, following a mixed offshore lead. US stocks ended relatively unchanged while base metals prices were mostly weaker on the London metals exchange.

Financial stocks are posting the best gains, with the sector up 0.7pct in early trade. Shares in the ANZ Bank (ANZ) have risen 1.4pct to $23.40 after the lender failed in its bid to win control of the Korea Exchange Bank. Westpac (WBC) is up 1.1pct to $22.16.

Shares in AXA Asia Pacific (AXA) have risen 1.6pct to $6.27 with five of the companys six directors recommending AMP Limited (AMP)s takeover for the company. AMP shares are down 0.6pct to $5.42.

Index leader BHP Billiton (BHP) is slightly higher, up 0.2pct to $44.24 while Rio Tinto (RIO) has lost 0.9pct to $86.28.

AWB Limited (AWB) has risen 0.2pct to $1.4925 with the majority of shareholders expected to approve Agriums $1.50 per share all cash bid for the company.

The Australian dollar has lost ground against the greenback following the release of the latest minutes from the Reserve Bank Boards November meeting. At 11.40am AEDT the Aussie is worth US98.28c, 0.6129 and 72.42c.

Juliette Saly
CommSec Market Analyst