Share market recovers early losses

A recovery in resource stocks has lifted the share market out of negative territory.

The All Ordinaries and ASX 200 were almost unchanged, with movements of less than a point, to 4,407 and 4,386 respectively just before 1:00pm (AEDT).

BHP Billiton has clawed back earlier losses to be down just 2 cents at $35.56, while Rio Tinto is off session lows and now down only 0.5 per cent.

The major banks were mostly higher, with gains generally between 0.2-0.5 per cent, while Westpac was flat $24.69.

However, retailers have been down today after a poor first quarter sales result for upmarket department store David Jones.

Its sales grew just 0.3 per cent compared to the same time last year, which had been a terrible quarter for the retailer, and the retailer's shares were off 6 per cent to $2.41.

Rival department store Myer was off 1.8 per cent to $2.13, despite having posted slightly better first quarter sales growth of 0.8 per cent last week.

David Jones blamed further poor performances in electronics for the disappointing result, which has helped push JB Hi-Fi down 2 per cent and Harvey Norman down 1.4 per cent.

The Australian dollar had eased slightly to 103.8 US cents.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9261-0.0026-0.28%
    AUDUSD=X
    0.5512-0.0022-0.40%
    AUDGBP=X
    0.6697-0.0024-0.35%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg