International Business Times

July 21, 2011 19:46 GMT

Australian Stock Market Report-MIDDAY (7/22/2011)

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Australian Stock Market Report-MIDDAY (7/22/2011)

(12pm AEST)

Local stocks are posting solid gains in early trade, following an upbeat session in European and US markets after Eurozone leaders agreed on a new bail-out package for Greece. The All Ordinaries Index (XAO) is firmer by 42.2pts in early trade or 0.9pct to 4668.4.

Financial stocks lead the gains in Europe, with the Greek bank sector up 7.1pct. Our financial sector is firmer by 1.8pct in early trade.

Commonwealth Bank (CBA) CEO Ralph Norris has today informed the market he will be stepping down from the top job at the end of November. He'll be replaced by Ian Narev, currently CBA's current Head of Business and Private Banking, which includes CommSec. CBA shares are up 1.7pct in early trade to $50.60 while the NAB (NAB) is firmer by 3pct to $25.30.

Mining and energy players are generally positive this morning, with the exception of index leader BHP Billiton (BHP) which has eased by 0.3pct to $43.44.

Retail stocks are enjoying a comeback after being sold off during yesterday's session. Shares in Myer Limited (MYR) are up 2.9pct to $2.47.

Regional pay TV operator Austar (AUN) has seen its share price fall 16.6pct to $1.08 in early trade after the Australian Competition and Consumer Commission called for more information on competition issues before approving Foxtel's $1.9 billion bid for Austar.

The Australian dollar is stronger across the board, buying US108.41c, £0.6647 and €75.3c.

Juliette Saly
CommSec Market Analyst

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