daytrades nov 26 afternoon

Thanks Tweets. Half-time round-up:

Overnight gains in base metals and European equities helped steer Australian shares higher for a second session but key regional markets retreated.

At lunchtime the ASX 200 was ahead 8 points or 0.2% at 4602, led by resource sectors including energy +1.1%, metals & mining +0.6% and materials +0.5%.

"Last night in the UK, we saw materials stocks rebounding quite nicely up 2 per cent," IG Markets markets analyst Cameron Peacock told Fairfax. "We saw most of the base metals up one to two per cent. Not surprisingly, our materials sector is the strongest sector so far."

Interest rates are likely to stay where they are for the foreseeable future, according to testimony this morning from Reserve Bank governor Glenn Stevens before the House of Representatives economic committee. The central bank this month lifted the official cash rate by 0.25% to 4.75%. Mr Stevens said the current rate was "a bit above normal".

"Overall, and also taking account of the exchange rate, which has risen substantially this year, we judge this to be the appropriate setting for the period ahead," Mr Stevens said in comments reported on Fairfax.

Asian markets were mostly lower. Japan's Nikkei saw early gains fade to a rise of just 0.03%, Shanghai was down 0.58% and Hong Kong's Hang Seng 26%. Dow futures were recently at +12 ahead of tonight's holiday-shortened session.

Crude oil futures retreated 42 cents this morning to $83.76 a barrel. The spot gold price was $2.50 weaker at $1,372.60 an ounce. The dollar eased around half a percent, recently buying 97.5 U.S. cents.


Predictably, it's another tight, range-bound day in the absence of a lead from the U.S. Just 17 points separate the low from the high on the ASX 200. Congrats to Gizard on that big score this morning on EAR - lovely trading. I made the day's wage on the early run on ALL but have found no trades since. The cricket is starting to look tempting...