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By midday, the S&P/ASX200 index was up nine points, while the All Ordinaries had gained 14.
US stocks rose on Tuesday as record oil prices lifted energy stocks, and the technology sector was boosted by speculation that the Microsoft / Yahoo merger is not yet dead.
At close of trade, the Dow Jones Industrial Average was up 51 points, while the tech-heavy Nasdaq added 19.
In Asian trading today, Japan’s Nikkei reopened after yesterday’s public holiday to sit up 131 points at midday, Hong Kong’s Hang Seng added 58.
Meanwhile in Australia there was bleak news for the construction industry today, as its key performance index placed the sector at its worst level since the survey began in 2005.
The Performance of Construction Index fell 5.1 points in April according to the Australian Industry Group – Housing Industry Association. Critically, this now puts the index below the 50-points mark, signifying that the construction industry is contracting. AIG said that market demand was subdued, and with new orders at their lowest level in 20 months, weakness in activity is likely to persist.
In other news, the world’s largest shopping mall owner Westfield Group today reaffirmed its earnings forecast for 2008, and said that the company was in a strong financial position supported by stable cash flows.
Westfield said that it was experiencing continued demand for new space, with 12 major projects worth almost $6 billion under construction. However the company cautioned that while rental sales in Australia and the UK continued to grow, its US market - which accounts for 35 per cent of its assets - contracted in the last quarter.
Finally, office supplier Corporate Express today reported flat first quarter earnings of $23.8million, only marginally up on last year’s $23.2 million.
However managing director Grant Harrod said he still expects full year earnings to be in line with forecasts, and that the company remains upbeat for its 2008 outlook. He said Corporate Express remained focussed on growth, as discussions with potential acquisition targets continued. Shares in the company were down by a cent at midday.
Now for a quick look at some individual share price movements on the ASX this morning.
Resource stocks gained on higher metal and oil prices. At midday BHP Billiton was up $1.07, Fortescue Metals gained 41, Rio Tinto added $3.88, and Woodside Petroleum put on 67 cents.
Banking stocks went the other way. At noon, ANZ was down 22 cents, Commonwealth Bank fell 40, National Australia Bank shed 53 cents, and Westpac lost 50.
Other blue chips also lost ground. At noon both AMP and News Corp were down 14 cents, Telstra slipped two cents, and Woolworths shed 21
US stocks rose on Tuesday as record oil prices lifted energy stocks, and the technology sector was boosted by speculation that the Microsoft / Yahoo merger is not yet dead.
At close of trade, the Dow Jones Industrial Average was up 51 points, while the tech-heavy Nasdaq added 19.
In Asian trading today, Japan’s Nikkei reopened after yesterday’s public holiday to sit up 131 points at midday, Hong Kong’s Hang Seng added 58.
Meanwhile in Australia there was bleak news for the construction industry today, as its key performance index placed the sector at its worst level since the survey began in 2005.
The Performance of Construction Index fell 5.1 points in April according to the Australian Industry Group – Housing Industry Association. Critically, this now puts the index below the 50-points mark, signifying that the construction industry is contracting. AIG said that market demand was subdued, and with new orders at their lowest level in 20 months, weakness in activity is likely to persist.
In other news, the world’s largest shopping mall owner Westfield Group today reaffirmed its earnings forecast for 2008, and said that the company was in a strong financial position supported by stable cash flows.
Westfield said that it was experiencing continued demand for new space, with 12 major projects worth almost $6 billion under construction. However the company cautioned that while rental sales in Australia and the UK continued to grow, its US market - which accounts for 35 per cent of its assets - contracted in the last quarter.
Finally, office supplier Corporate Express today reported flat first quarter earnings of $23.8million, only marginally up on last year’s $23.2 million.
However managing director Grant Harrod said he still expects full year earnings to be in line with forecasts, and that the company remains upbeat for its 2008 outlook. He said Corporate Express remained focussed on growth, as discussions with potential acquisition targets continued. Shares in the company were down by a cent at midday.
Now for a quick look at some individual share price movements on the ASX this morning.
Resource stocks gained on higher metal and oil prices. At midday BHP Billiton was up $1.07, Fortescue Metals gained 41, Rio Tinto added $3.88, and Woodside Petroleum put on 67 cents.
Banking stocks went the other way. At noon, ANZ was down 22 cents, Commonwealth Bank fell 40, National Australia Bank shed 53 cents, and Westpac lost 50.
Other blue chips also lost ground. At noon both AMP and News Corp were down 14 cents, Telstra slipped two cents, and Woolworths shed 21
