Australian Stock Market Midday may 25 2011

Australian Stock Market Midday may 25 2011 : The Australian sharemarket is pulling back once again, with the All Ordinaries index (XAO) down 0.7 pct or 30.8 pts to 4677.5. Almost all sectors are weaker now than they were at this time yesterday and the financials are the worst performers at lunch.

The big four banks are down at least 1 pct, with ANZ Banking Group (ANZ) falling 1.83 pct or 38 cents to $21.42, Commonwealth Bank of Australia (CBA) is lower by 1.61 pct or 82 cents to $50.10, Westpac (WBC) has lost 1.37 pct or 30 cents to $21.54 and National Australia Bank (NAB) is down 1.13 pct or 30 cents to $26.19.

Australia’s largest airline, Qantas (QAN) has attracted significantly more activity today on the market after its pilots are preparing to potentially take industrial action against the airline for the first time in over 40 years. The Australian and International Pilots Association (AIPA) is taking a vote of its members to help make its decision. QAN shares are down 1.42 pct or 3 cents to $2.08.

Both the energy and mining sectors are around 0.3 pct lower after a slightly stronger start to trade this morning. BHP Billiton (BHP) is down 0.32 pct or 14 cents to $43.10 and the smaller RIO Tinto (RIO) is down 0.16 pct or 13 cents to $78.88. Australia’s largest gold producer Newcrest Mining (NCM) is 0.5 pct or 19 cents lower to $37.86 despite a 0.5 pct rise in gold futures overnight.

The retailers are managing to post some healthy gains however, with discount retailer JB Hi-Fi (JBH), department store owner David Jones (DJS) and Myer (MYR) all gaining strongly at lunch.

Following the end of daylight savings in April this year, major Asian markets will be trading between the hours mentioned below until mid October.

The Hong Kong sharemarket trades in two sessions each day and will now be opening for trade between 11.30am (AEST) and 2pm (AEST) and then between 3.30pm (AEST) and 6pm (AEST) in its second session.

Out of Japan, the first session will be between 10am (AEST) and 12pm (AEST), while the second session is between 1.30pm (AEST) and 4pm (AEST).

The Singapore exchange will be open for trade between 11am (AEST) and 2.30pm (AEST) for the first session and then between 4pm (AEST) and 7pm (AEST) in its second session.

Sharemarkets in the Asian region are lower, with South Korea’s KOSPI index down 0.9 pct or 18.58 pts to 2043.18, Hong Kong’s Hang Seng is 0.55 pct or 124.51 pts lower to 22606.27, Japan’s Nikkei 225 index is down 0.36 pct or 34.13 pts to 9443.04.

On the economic front, data is released on the amount of construction work done for the previous quarter. In the Asian region, Japan is scheduled to publish its latest trade balance numbers.

The best performing stock at lunch is Blaze International (BLZ) which is up 66.67 pct or 0.2 cents to 0.5 cents. BLZ is a mineral explorer with an interest in a uranium project in Western Australia.

So far today, 1.26 billion shares have been traded worth $2.28 billion. 334 shares are up, 567 are lower and 389 are currently unchanged. For the latest updates PRESS CTR + D or visit Stock Market news Today

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