Shares in QBE insurance plummeted 11% after the firm announced an unexpected profit downgrade. The Big Banks made solid gains, NAB put on more than 1%, and major retailers were mostly higher too, Harvey Norman adding 1%. 

 

Checking elsewhere in the region now:

 

Japan's Nikkei is up 89 points and the Hang Seng has added 81 points. And the Australian Dollar is currently buying 93.9 US cents. 

 

In another good sign for the construction industry, new home sales continued to climb in the three months to June. Figures from the Housing Industry Association show sales rose by 1.2% in the month of June, and by 2% in the quarter. The rise was driven by the sale of units, while detached house sales also rose in four of the five mainland states. 

 

And ratings agency Standard & Poor's has left Australia's top AAA credit rating in place, saying the country is performing quite well with average growth and low levels of debt. S&P says the AAA rating has been maintained because of the country's strong public policy settings, economic resilience, and significant fiscal and monetary flexibility.