Despite weak offshore leads and US markets remaining closed for another day, the Australian share market opened slightly higher and continues to trade steady, boosted by telco stocks.
The S&P/ASX 200 index is 15 points up at 4,492. On the futures market the SPI is 6 points higher.
Economic news
The Housing Industry Association has reported new home sales for September down 3.7 per cent, reaching an 18 year low.
Company news
Addressing Commonwealth Bank of Australia’s
(ASX:CBA) annual meeting today, Chairman David Turner has warned global financial instability will continue beyond next year. Mr Turner says the medium to long term economic climate in Australia also remains uncertain with subdued credit demand expected. The bank says it will maintain conservative business settings. Mr Turner’s remarks follow Bendigo and Adelaide Bank Limited’s
(ASX:BEN) Chairman’s warnings yesterday, who said the financial crisis will continue for at least another five years. Shares in CBA are trading up 0.67 per cent at $57.17.
Mirvac Group
(ASX:MGR) has reached an out of court settlement with mining magnate Nathan Tinkler over their dispute relating to an industrial land deal in Newcastle. Both parties confirmed in the NSW Supreme Court today that terms had been reached in a confidential settlement. Shares in Mirvac are trading up 0.16 per cent at $1.53.
Best and worst performers The best performing sector is Telco Services gaining 10 points to 1,405. Shares in TPG Telecom Limited
(ASX:TPM) have risen 0.85 per cent and trading at $2.37. Shares in Telstra and Telecom Corporation of New Zealand are also stronger.
The sector with the fewest gains is Industrials, rising 2 points to 3,403. Shares in Boart Longyear Limited
(ASX:BLY) have fallen 2.06 per cent, trading at $1.55. Shares in Seven Group Holdings and Bradken are also lower.
Gold and the dollar
Gold is trading at $US1,709 an ounce and the Australian dollar is buying $US1.034.
