The share market hovered near five-and-a-half-year highs this morning despite weakness in resource stocks and disappointing construction data.
At lunchtime the ASX 200 was trading nine points or 0.2% higher at 5443 as strength in energy +1.6%, health +1%, industrials +0.8% and financials +0.3% counterbalanced falls in metals & mining -1.2%, property trusts -1.1% and gold -0.2%.
The dollar dropped back below 90 US cents after data this morning showed housing construction declined last quarter. Total construction work dropped 1% as residential building work fell by 1.7%. The dollar was lately buying 89.93 US cents.
"It looks like there is very little improvement in non-mining investment activity," NAB senior economist Spiros Papadopoulos told Fairfax. "The RBA had hoped that dwelling investment would be one of the brighter lights of investment growth this year but it's a very slow recovery."
Chinese shares remained under pressure following their heaviest fall in five months yesterday. China's Shanghai Composite dropped 0.8%, Hong Kong's Hang Seng inched up 0.09% and Japan's Nikkei lost 0.16%. Dow futures were recently up 28 points or nearly 0.2%.
Crude oil futures were flat this morning at US$101.96 a barrel. Spot gold was $1.20 weaker at US$1,339 an ounce.
Some nice moves this morning - well done to those who caught YOW, PDN or RHT especially. Good volume in all of those. Not a great morning's work at this trading desk. Got something out of BLY's dive below 30c. Hoped to get BLT a little lower. Jut got some NMI at 4c. Also stuck in a couple of zombies - SMA and GRR. I'll be signing off at COB until Tuesday. Thanks again Michelef for standing in.
