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Aust stocks gain at noon

Local market lifts after gains on global bourses, poor confidence survey.
By · 12 Nov 2013
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12 Nov 2013
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The Australian stock market pared morning gains at noon after lifts on international markets overnight and the release of a private survey showing a drop in business confidence.

At 1205 AEDT, the benchmark S&P/ASX200 index put on 0.26%, to 5,401.2 points, while the broader All Ordinaries index rose 0.28% to 5,396.1 points.

In economic news, the Australian Bureau of Statistics released September's lending finance figures.

The National Australia Bank's monthly business survey for October showed a slump in business confidence as conditions stayed weak.

Financials were mostly weaker.

ANZ  fell 0.3% to $32.04.5 and Commonwealth Bank inched up 0.04% to $78.38.

National Australia Bank lost 0.61% to $34.35, and Westpac dropped 1.15% to $32.74.

Investment bank Macquarie Group lifted 0.04% to $54.20.

In insurance, IAG fell 0.16% to $6.11, Suncorp inclined 0.04% to $13.305, and QBE fell 0.07% to $15.34.

Materials were mostly higher.

BHP Billiton was 0.71% higher at $38.18, while rival Rio Tinto fell 0.23% to $64.92.

Fortescue Metals rose 2.39% to $5.57, while Newcrest increased 1.23% to $9.86.

Whitehaven Coal rose 0.48% to $1.5675.

In energy, Oil Search added 1.07% to $8.53, while Santos lifted 0.98% to $14.945 and Woodside Petroleum gained 0.8% to $39.475.

In equities news, News Corporation announced its first quarter earnings, Incitec Pivot revealed its full year results, SP Ausnet posts first half results and Aurora Oil & Gas releases third quarter results.

Charter Hall Group and BC Iron have annual general meetings scheduled.

In Australia, the market yesterday closed lower as investors put aside a positive lead from US markets and took a breather from a strong run upwards in recent months.

The benchmark S&P/ASX200 index dropped 13.6 points, or 0.25%, to 5,387.1 points.

The broader All Ordinaries index shed also 13.6 points, or 0.25%, to 5,380.8 points.

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