The ASX has started the week with a strong morning rally. At noon the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) was up 0.9%.
Monday morning's gains follow a positive Friday session on Wall Street where US stocks ended higher after the release of positive consumer spending data, although well down from their intra-day highs.
The market has been influenced this morning by data from the Housing Industry Association showing detached house sales jumped 6.9% in February. The HIA commented that the improvement in sales and in building approvals suggests faster momentum is ahead for new dwelling construction.
Meanwhile data from TD Securities – Melbourne Institute Inflation Gauge, registered a rise of 0.2% in March leading some commentators to speculate that the Reserve Bank of Australia could be forced to raise interest rates as soon as November.
Here are the top five best performing stocks in the index at lunchtime today:
- Reject Shop Ltd (ASX: TRS) has gained 4.3% to $9.89
- OZ Minerals Limited (ASX: OZL) has climbed 3.8% to $3.55
- Southern Cross Media Group Ltd (ASX: SXL) has added 3.8% to $1.37
- Mount Gibson Iron Limited (ASX: MGX) has risen 3.4% to 90.5 cents
- Paladin Energy Ltd (ASX: PDN) is up 3.3% to 47.5 cents
These are the five worst performing stocks at lunchtime today:
