Australian Stock Report - Market Pulse

Midday Market Analysis: August 22

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Publish date: Mon, 22 Aug 2011, 01:51 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 has performed solidly so far today, defying the bearish leads provided by Wall Street on Friday night.

The XJO is currently up more than half a percent, with most sectors in positive territory.

The energy, healthcare, and materials sectors are the best performers, whilst the telcos are deep underwater due to a more than 3% drop in Telstra.

In company news, Bluescope reported a net loss of $118 million in FY11, versus an expected $93 million.

In the wake of the result the company has announced a restructuring plan which includes shutting down some operations and slashing its workforce.

The stock was down as much 9% at one point but is currently 4% weaker.

Around the region, Asian markets are generally stronger; the Hang Seng is up 0.5%, whilst the Nikkei is 0.2% stronger.

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