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Inside Markets - midday update 15/7/09

Switzer Daily
15 July 2009

Australian shares were up around 12:30pm, follow gains on US markets overnight.

The S&P/ASX 200 was 37.6 points or 0.97 per cent higher.
The All Ords rose 39 points or 1.01 per cent to 3897.8.

By industry sector, energy was up 247.7 points or 1.78 per cent, financials gained 26.4 points or 0.72 per cent, industrials rose 61.2 points or 2.12 per cent, and utilities put on 17.2 points or 0.43 per cent.

Miner BHP Billiton was up $0.11 or 0.33 per cent to $33.90, and Rio Tinto rose $0.56 or 1.14 per cent to $49.66.

Three of the Big Four banks saw gains. NAB rose $0.20 or 0.87 per cent to $23.20, CBA put on $0.41 or 1.07 per cent to $38.71, and Westpac was up $0.14 or 0.71 per cent to $19.79. Macquarie Group gained $0.78 or 2.11 per cent to $37.78.

In energy shares, Woodside rose $0.52 or 1.29 per cent to $40.86, while Santos gained $0.16 or 1.19 per cent to $13.55.

Among the retailers, Coles owner Wesfarmers put on $0.50 or 2.45 per cent to $23.40, while Woolworths was $0.17 or 0.64 per cent higher.

In economic news, the annualised growth rate for the Westpac Melbourne Institute Leading Index, which looks at economic activity three to nine months into the future, was up from a revised - 4.1 in April to -3.9 in May.

The Nikkei also made gains, up 42.5 points or 0.46 per cent to 9304.3.

The Hang Seng rose 182.1 points or 1.02 per cent to 18067.9.

Oil was  just over US$60 at US$60.21 a barrel, and the Oz dollar was buying 79.38 US cents.

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