The share market overcame mild disappointment at BHP's first-half profit result this morning to head towards a third day of gains and another four-and-a-half year high.
At lunchtime the ASX 200 was 13 points or 0.25% stronger at 5094 with property trusts +1.9%, energy stocks +1%, consumer staples +1.3% and financials +0.6% providing much of the momentum. The index shrugged off a 0.7% dip in market heavyweight BHP, which this morning announced the departure of CEO Marius Kloppers and a 58% plunge in first-half profit. The fall helped pull the metals & mining sector down 1.2%. Also weak were gold stocks -0.5% and the Small Ords -0.6%.
"Investors are rolling with the momentum," Bell Direct equities analyst Julia Lee told Fairfax. "It's hard to fight. The Australian market is looking very strong. We're in the fifth consecutive week of gains."
Japanese shares marched to a 52-month high this morning. The Nikkei put on 0.83%, Shanghai was flat and Hong Kong's Hang Seng up 0.72%. Dow futures were recently up five points or less than 0.1%.
Crude oil futures added another 15 cents at US$96.80 a barrel. Spot gold was $3.50 stronger at US$1,607.90 an ounce. The dollar was buying $US1.035.
Trading conditions remain untypically benign but this is turning into a week to forget for me. King-hit by Kingsgate on Monday, molicated on MEL yesterday and CommSeced on MND this morning. MND threw up one of those beautiful trading opportunities that used to come along twice a week a decade ago but are now rare as hen's teeth, thanks to continuous disclosure. I began buying in the 24s, got more on the way down but when the big opportunity came under $23, CommSec decided to sit on my buy order and do a crossword puzzle or whatever it is that happens when an order is stuck in "Processing". By the time the order reached the market, the opportunity was long gone. A skinny profit but it should have been a week-maker. Also added a few CAS this morning.
