Australian Stock Report - Market Pulse
Midday Market Analysis: Sinking Aussie
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Publish date: Wed, 23 Nov 2011, 01:49 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 is firmly underwater heading into the afternoon session, with the XJO currently down 65 points (-1.6%), at 4068.
Every sector is in negative territory, with financials and materials the hardest hit.
Big losers on day include IOOF Holdings (-10%) and OneSteel (-8%), whilst NRW Holdings (+12%) and Centro (+8%) are the best performers in the top 200.
In economic news, the ABS today reported the biggest rise in construction figures in the last 25 years, with total construction work rising 12.5% in the September quarter.
It was the biggest rise going back to the 1986 September quarter, easily beating the market forecast of 2%.
Around the region, Asian markets are all weaker; the Hang Seng is down 2% whilst the Nikkei is off 0.4%.
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