Australian Stock Report - Market Pulse

Evening Market Analysis: August 30

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Publish date: Tue, 30 Aug 2011, 05:20 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 gave up an early move higher to end the day barely in positive territory.

Stocks opened strongly following the big night on Wall Street, however a sharp drop in Telstra's share price helped erase the morning gains.

Driving Telstra lower today was the ACCC's concerns over its proposed separation under the NBN agreement.

The telco was down almost 5% at one stage before paring its daily loss to 2.6%.

In the financial space, CBA slipped 0.1% after making a $370 million offer for advisory firm, Count Financial.

The mining giants strengthened on the back improved risk appetite; BHP climbed 0.5% and Rio Tinto rose 1.7%.

The ASX 200 edged up six points (+0.1%), settling at 4269.

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