Midday Market Commentary: Above Water
The Aussie market is above water heading into the after lunch session with the XJO currently 20 points (+0.5%) above water, at 4300.
Most sectors are stronger with IT, healthcare and materials issues leading the move higher, whilst consumer staples, telcos and utilities are the laggards.
In company news, retailer David Jones has entered a trading halt this morning after The Australian Financial Review reported that the company expects a 50% slump in its credit cart earnings.
Around the region, Asian markets are mixed; the Hang Seng is up 0.2% whilst the Shanghai Composite is 0.2% weaker.