Midday Market Analysis: Local Bull Enjoys Gains
The Aussie market is enjoying solid gains so far today, with the local bulls running with the positive leads provided by international markets last night.
The XJO is currently 40 points (+0.9%) stronger, at 4300.
Every sector is in the green with IT, healthcare and financial stocks leading the charge higher, whilst utilities and energy issues are the weakest links.
In company news, Beach Energy (BPT) has announced that it will attempt to raise $345 million through separate share and hybrid issues.
Elsewhere, Stockland (SGP) downgraded its annual earnings guidance from 31.6 cents to 30.5 cents per stapled security.
The company is blaming a deterioration in the residential housing market and wet weather for the downgrade.
Around the region, Asian markets are all trading higher; the Hang Seng (+1.4%) and Nikkei (+1.7%) are the standouts.