Australia Stock Market trading higher July 26 2011, dollar is stronger

Indonesia stock info - Australia Stock Market trading higher July 26 2011, dollar is stronger ;The local share market is trading higher at lunchtime in the East, despite a negative offshore lead on continued worries over the US debt crisis. US President Barack Obama has addressed his nation within the last hour, telling Americans Democrats and Republicans have still not agreed on a solution to stop the government from defaulting on its debt repayments ahead of the August 2nd deadline. However, local stocks, which were heavily oversold yesterday, are today bouncing back with the All Ordinaries Index (XAO) firmer by 29.8pts or 0.6pct to 4633.

Financial stocks are firmer by 1pct, following yesterday's 2pct sell-off. Westpac (WBC) has issued a statement this morning, saying it is progressively restoring payments following a disruption to normal operations overnight. WBC is up 0.8pct to $21.43.

Wholesale distributor Alesco (ALS) is back in the black, posting FY net profit of $13.6 million, following a loss of $124.3 million last year.

Mining giant BHP Biliton (BHP) has been trading positively as its bid for American firm Petrohawk has been given the green light by the US competition regulator.

Reserve Bank Governor Glenn Stevens will deliver a speech to the Anika Foundation in Sydney shortly. It was expected to a broad overview of the overall economy, however Governor Stevens this morning changed the title of the speech to "The Cautious Consumer".

The Australian dollar is stronger ahead of this speech, worth US108.74c, £0.6666 and €75.39c.


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