Australian shares higher at noon

THE Australian share market was slightly higher at noon, with enough marginally good economic news propping up enough stocks.

THE Australian share market was slightly higher at noon, with enough marginally good economic news propping up enough stocks.

Industrial production, retail sales and trade balance figures in China were mixed and sent commodities prices down but growth is still solid, while US jobs creation numbers were considered solid but unlikely to lead to a stop to economic stimulus there.

Business confidence in Australia remained poor in May, according to the National Australia Bank's monthly survey released today.

"The pattern of the last couple of weeks where our blue chip shares were particularly beaten down is continuing,"

Lonsec senior client adviser Michael Heffernan said. "My take on that is that its foreign selling amid worries about a declining dollar and it creates opportunity for astute but brave local buyers with a bit of resolve."

Among the blue chips posting losses are BHP Billiton, down 15 cents to $32.94 and Rio Tinto, which has shed 44.5 cents to $52.755.

The banks are all lower with National Australia Bank 20.5 cents worse at $28.145, ANZ shares were down 21.5 cents at $26.485, Commonwealth Bank had lost 13 cents to $64.89 and Westpac had dropped 19.5 cents to $27.405.

Helping keep the overall market in the black were oil stocks, including Woodside Petroleum, up 18 cents to $35.11 and Santos, 21 cents, or, 1.7 per cent, up at $12.66.

The large cap supermarket owner consumer staples, Wesfarmers and Woolworths had also posted solid gains.

KEY FACTS

* At 12.30pm AEST today, the benchmark S&P/ASX200 index was up 9.0 points, or 0.19 per cent, at 4746.9.

* The broader All Ordinaries index was up 10.4 points, or 0.22 per cent, at 4739.7.

* The June share price index futures contract was 48 points lower at 4749, with 14,103 contracts traded.

* National turnover was 683.6 million securities worth $1.89 billion.