Australian Stock Report - Market Pulse

Evening Market Analysis: August 11

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Publish date: Thu, 11 Aug 2011, 05:39 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's rollercoaster ride continued today, with stocks rallying from an early morning plunge to finish the session flat.

Australia's unemployment rate unexpectedly ticked up to 5.1%, however the result failed to halt the market's rebound, with some now expecting the RBA to cut rates in order to prop up the economy.

ANZ and Westpac led the gains among the big four, with both rising over 1%.

However it was another downbeat session for David Jones, which sank 6.4% after downgrading its 1H12 guidance.

Telstra's better-than-expected profit result saw its shares pile on 5.7%.

The two mining giants ended the session weaker, with BHP down 1.2% and Rio Tinto declining 2.7%.

In the media space, Newscorp was a standout (+3.8%) after reporting a jump in its 4Q11 earnings.

The ASX 200 remained at 4141.

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