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The local market edged higher by lunch, despite the fact the big four banks and the heavyweight miners were unable to get any traction in either direction. Even though every sector, with the exception of the miners, was up the market gain was minimal and generally buoyed by the mid-cap stocks.

At midday, the All Ords had edged 8.1 higher to 4,885.8, while the ASX/200 shed 6.6 to 4,869.7. Over 1.1 billion shares worth around $1.7 billion had changed hands.

Among the big four banks, ANZ and NAB were 0.3% and 0.2% higher to $24.96 and $26.80 respectively.

Westpac and CBA were 0.4% and 0.2% lower.

The Banks and Financials sector was 0.1% above the line.

It was a similar story among the insurance stocks. AXA Asia Pacific and QBE added 0.59 points between them to the broader ASX/200, while combined AMP and IAG saw 0.6 points wiped off.

Macquarie’s share price was a little more pronounced, up 60c, or 1.2% to $50.26.

The Property Trusts sector gained 0.5%, with Westfield adding 10c, or 0.8% to $12.20.

Stockland and Mirvac added 5c and 1.5c to $4.02 and $1.49 respectively.

By lunchtime, BHP Billiton was unchanged despite its London listed stock losing ground and base metal prices falling overnight.

Rio Tinto dipped 43c, or 0.6% to $76.56.

Fortescue lost 1c to $4.89, despite announcing a 300 million tonnes upgrade to reserves at its Solomon Project in the Pilbara.

Other stocks to also show next to no movement included the gold miners and steel stocks.

Among the chemicals makers, Incitec Pivot was the sector’s major mover, slumping 17c, or 4.6% to $3.53.

The Materials and Resources sector dipped 0.2%.

Energy shares were in favour, with the sector gaining 0.5%.

Woodside climbed 43c, or 0.9% to $46.68, while Coal and Allied lead the coal stocks higher for the second straight session. Its shares were up $3.34, or 3.8% to $91.17.

Whitehaven and Centennial Coal were 1.2% and 1.8% higher, while New Hope spiked 2.8% higher to $5.11 per share.

Arrow Energy shares were in a trading halt pending a market update on the takeover offer received from PetroChina and Royal Dutch Shell.

The Consumer Discretionary sector was also mixed, and flat to lunch.

Among the retailers David Jones retreated 12c, or 2.4% to $4.97, while Harvey Norman was flat.

Pacific Brands continued its recent strong run, adding 3c, or 2.2% to $1.385. Its shares have rallied around 42% in the last three weeks.

The gamers were flat, while among media stocks Austereo and Southern Cross Media shed 5.1% and 3.2% respectively.

A 42c, or 1.4% rise in Wesfarmers' shares to $31.53 helped the Consumer Staples sector to a 0.3% gain.

Second-tier supermarket chain Metcash lost 1% to $4.11 after saying it would shut down its Campbell Cash & Carry business.

Woolworths, Coca-Cola and Fosters were all within 0.4% either side of the gain line.

A series of gains from the larger capped Industrials sectors saw the sector add 0.6%.

Leighton gained 53c, or 1.4% to $39.63 and Brambles put on 10c, or 1.3% to $7.53.

Downer EDI spiked 24c, or 3.2% to $7.71.

MAp Group added 1c. The operator Sydney Airport said passenger numbers had increased 12% in February.

Telstra added 1c to $3.18, while the broader Telecommunications sector rose 0.5%

Around the region, the Nikkei 225 gained 41.4 to 10,785.4, while the NZSE50 lost 4.2 to 3,216.5. The Straits Times Index added 12.0 to 2,926.0.

Spot gold was trading at US$1,123.08 per ounce, while the Aussie was buying US$0.9203.

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AGL to sell pipeline for $82.6m
AGL Energy said it has entered into an agreement to sell the Berwyndale to Wallumbilla Pipeline for $82.6m to APA Group. The company said it has also entered into a 17 year Gas Transportation Agreement (“GTA”) with APA in relation to the BWP.

At noon, AGL shares were up 12c to $15.09, while APA shares were up 2c to $3.47.

Significant gap between Telstra and NBN
Telstra Corporation said there is currently a significant gap between Telstra and NBN Co on what each party considers to be an acceptable financial outcome in regards to the negotiations regarding the future of Telstra’s fixed local access network and associated matters. The company said there are also a range of commercial matters that are yet to be agreed.

At lunch, Telstra shares were up 1c to $3.18.

Ore reserve exceeds Western Areas' expectations
Western Areas announced that the ore reserve for the first stage of the planned underground mine at Spotted Quoll has exceeded the company’s expectations. The company said a Probable Ore Reserve of 1,725,000 tonnes at an average grade of 4.1% nickel containing approximately 70,200 tonnes nickel has been estimated from below the Tim King Pit to 525m vertical depth.

At midday, Western Areas were up 6c to $4.98.

Metcash axes Campbells Cash & Carry
Metcash has decided to axe its Campbells Cash & Carry business as it struggles to compete with branded convenience stores such as 7 Eleven. Metcash said the company would set aside $15.4 million in restructure provisions.

At lunchtime, Metcash shares were down 3c to $4.12.

Sydney Airport visitors up 12% in Feb
MAp Group this morning reported an increase in traffic across its portfolio of airports, including a 12.3% increase at its flagship Sydney Airport. The increase in numbers was, once again, driven by visitors from the US, which saw a 20% increase in passenger numbers.

At noon, MAp shares were up 1c to $3.09.

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Market Watch by egoli