The Aussie market is enjoying very modest gains today on the back of the positive leads provided by international markets on Friday night.

The XJO is presently five points stronger, holding around 4395.

Most sectors are underwater despite the XJO being in the green, with materials and financials the best performers.

Conversely, healthcare, utilities and IT are the weakest links.

In company news, Leighton Holdings has jumped 5.8% helped by the announcement that its troubled desalination plant in Victoria had started large-scale production.

Conversely, Northern Iron has dropped 6.9% after announcing that it has suspended exploration and deferred nonessential capital expenditure in an effort to fight being squeezed by lower iron ore prices.

In economic news, sales of new motor vehicles jumped by the most in five months in August to reach their highest on record.

Figures out this morning show new vehicle sales rose by a seasonally adjusted 3.6% in August to 93,379, following a revised 1.1% decline in July. Sales were up 6.4% compared with August last year.

Around the region, Asian markets are mixed; the Shanghai Composite (-1.3%) and Hang Seng (-0.1%) are weaker, whilst the NZ50 is up 0.9%.

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Midday Market Analysis: Treading Water is a post from: Australian Stock Report Market Pulse Blog