The Aussie market added another 0.6% Wednesday morning, making gains of 3.6% so far this week. The rise defied a flat lead in from overseas markets, with the property stocks outperforming on a day the banks and mid-cap miners were trading relatively flat.

In consumer economic news, the Westpac-Melbourne Institute consumer sentiment index dropped by 2.5% in November to 118.3 after a 1.7% rise in October. The decline comes on the back of two-rate rises in recent months taking a bite out of consumer discretionary spending.

At lunch, the All Ords had rallied 25.8 to 4,769.8, while the ASX/200 put on 27.9 to 4,761.5. About 1 billion shares worth around $1.8 billion had changed hands.

Among the banks, ANZ added 7c to $22.87, while CBA lost 23c to be trading at $55.32.

Macquarie lost 54c to slip below the $50 per share barrier, as the broader Banks and Financials sector put on 0.6%.

Insurers, the talk of much of the market this week, were mixed. AXA Asia Pacific put on 5c to $5.82 taking gains for the week to 35.3%.

IAG lost 5c to $3.95.

Property Trust stocks jumped on news Investa was abandoning plans to list on the market and preventing the dilution of funds for other sector players.

Westfield climbed 35c to $12.52, while Dexus, Mirvac, GPT Group and Stockland all added between 4% and 5%. The sector was 3% higher.

Among the miners, BHP Billiton put on 40c to $38.89, while Rio Tinto gained 93c to $68.38.

Metals on the LME traded mixed Tuesday, though the broader Materials and Resources sector in Australia added 0.9%.

Gold miners Lihir, up 5c to $3.43, and Newcrest, up 25c to $35.40, showed strength as the price of gold continued its seemingly endless rise.

Home building materials suppliers were largely trading lower, with James Hardie down 7c, or 1% to $7.26.

The Industrials sector was up 0.1% on the back of a 76c, or 2% climb to $38.00 from sector heavyweight Leightons.

The gains were offset by modest declines from much of the transportation stocks, with Transurban down 2c to $5.51 and rival toll-road operator Macquarie Infrastructure down 0.5c to $1.395.

The Energy sector was mixed, though posted gains of 0.4% overall. Uranium specialists Paladin and ERA were down 1.2% and 2.2% respectively, while Woodside added 45c to $49.76.

Consumer Discretionary stocks were mixed, though the sector edged 0.7% higher overall.

Pacific Brands outperformed its peers, adding 6c to $1.36.

Harvey Norman, Billabong and Aristocrat all posted modest declines, while the media stocks, including Fairfax which was up 3.5c to $1.67, countered.

The Consumer Staples sector made 0.2% despite a 20c fall in the price of Woolworths shares to $28.23.

Wesfarmers added 60c to $28.03 to close in on Woolworths share price, though still down 34% from mid-2007 highs.

Healthcare stocks rose 0.8%. CSL and Sonic added 11c and 22c to $14.22 and $32.06 respectively.

Victorian based electricity distributor SP Ausnet shed 2.5c to 87c after being downgraded by Credit Suisse.

AGL Energy added 22c to $13.86 with the Utilities sector up 1.1%.

A 1c fall in the price of Telstra shares to $3.25 saw the broader Telecommunications sector weaken 0.2%.

Around the region, the Nikkei 225 rallied 56.8 to 9,927.5, while the Straits Times Index put on 13.5 to 2,721.1. Across the Tasman, the NZSE50 dipped 1.0 to 3,166.5.

Spot gold was trading at US$1106.50 per ounce, and the Aussie was buying US$0.9312. 

Ausenco downgraded its full year sales revenue for 2009 to between $435m and $465m and underlying net profit after tax of between $26m and $30m as a result of delays in the awarding of contracts. The company said large-scale EPCM projects that it anticipated would be awarded in the fourth quarter of 2009 are now more likely to be awarded early in 2010.

At lunch, Ausenco shares were down 12c to $4.26.

Optus 1H profit, up 22%
Australian telco Optus reported an increase in net profit of 22% to $152m for the six months to 30 September 2009, from the previous corresponding period. Meanwhile Optus’s parent company, Singapore Telecommunications Limited (SGT) reported an 8.9% jump in net profit to $1.9 billion for the six months to 30 September 2009 from the pcp.

At midday, Singtel shares had gained 3c to $2.29.

Mineral Resources boosts Polaris offer
Mineral Resources has increased its offer for West Australian based iron ore explorer Polaris Metals. The new offer would sees Mineral Resources offer one MIN share for 10 Polaris shares and 5c cash for every one Polaris share.

At lunchtime Polaris shares were up 2.5c to 74c per share, while Mineral Resources shares had shed 11c to $6.86.

CPA reaffirms guidance
Commonwealth Property Office Fund reaffirmed previous distribution guidance of 5.3c per unit for FY10, based on a continuation of existing economic conditions. The fund said it expects to see an improvement in tenant demand for office space across Australia due to the resilience of the Australian economy.

At noon, Commonwealth Property Office Fund shares were up 1.5c to 95.5c.

CFX retains forecast

CFS Retail Property Trust (CFX) said it remained cautious and retained its forecast expectation of specialty retail sales growth slowing across its portfolio to approximately 3% despite solid sales performance over the September quarter. The shopping centre focused fund also retained its distribution projection of 12.5c per unit for FY10.

At lunch, CFS Retail Property Trust shares were up 1.5c to $1.945.

St Barbara taps market for $124m
St Barbara said it was tapping the market for up to $124m in a 4 for 13 Accelerated Non-Renounceable Pro Rata Entitlement Offer at an offer price of 27c per share. Following the offer, St Barbara said it would have the balance sheet and funding flexibility to pursue its growth objectives.

St Barbara shares were halted at 36c.