Australian Stock Report - Market Pulse
Evening Market Analysis: August 10
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Publish date: Wed, 10 Aug 2011, 05:17 PM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.
The Aussie market rallied strongly today, buoyed by last night's commitment from the Fed to support the US economy.
The big banks were on fire, with NAB leaping 6.1% for the day.
CBA was up a more modest 2% after its subdued outlook for credit growth. The bank earlier reported a monster 1H11 cash profit of $6.84 billion.
Resource stocks led today's gains, with BHP and Rio Tinto rising more than 3.5% each.
However Computershare was among the decliners after its full year profit fell 10% from a year earlier. CPU shares shed 2% today.
Harvey Norman was a stellar performer (+8.9%) among the retailers after reporting a full year increase in sales.
The ASX 200 soared 107 points (+2.6%), closing at 4141.
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