A small rebound on Wall Street and domestic corporate activity in the form of a takeover offer for upmarket department store operator David Jones has kick started a rally this morning on the ASX. At midday, the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) is 1% higher.
Other positive influences on the market today include the Westpac Melbourne Institute's monthly index of consumer confidence which rose 0.3% in April and the International Monetary Fund's (IMF) release of its latest World Economic Outlook report, which stated that the IMF is forecasting global growth of 3.6% in 2014 and 3.9% in 2015. These rates represent solid increases on the growth rate in 2013 of 3%.
The Australian dollar has again crossed the US93 cents mark as traders sold off the US dollar after mixed data suggests the US recovery continues to be lethargic.
Here are the top five best performing stocks in the index at midday today:
- David Jones Limited (ASX: DJS) has soared 23% to $3.92
- Western Areas Ltd (ASX: WSA) has gained 5.8% to $3.67
- Worleyparsons Limited (ASX: WOR) has jumped 5.3% to $16.30
- Myer Holdings Ltd (ASX: MYR) has rallied 5% to $2.41
- Southern Cross Media Group Ltd (ASX: SXL) has climbed 4.5% to $1.33
These are the five worst performing stocks at midday today:
