Australian Stock Report - Market Pulse

Midday Market Analysis: Treading Water

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Publish date: Wed, 08 Feb 2012, 01:39 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 is little changed heading into the afternoon session, with the XJO currently 10 points (+0.2%) above water, at 4280.

Despite the modest gains most sectors are stronger, with IT, energy, and healthcare stocks the best performers.

In company news, BHP announced its 1H FY12 results which revealed a net profit of US$9.9 billion, down 5.5% compared to the previous corresponding period and slightly below analyst expectations.

The results were weaker despite a revenue lift of 9.7%, to US$37.48 billion, and record production for iron ore and natural gas.

BHP said in a statement that 1H FY12 had been a challenge, with global economic growth reflecting continuing difficulties in Europe and slowing activity in China and India.

Elsewhere, Gunns (GNS) has been up as much as 100% today after announcing a planned capital raising of $280 million, with $150 million of that being allocated to NZ born billionaire Richard Chandler.

Around the region, Asian markets are all trading higher; the Hang Seng is up 0.6% whilst the Nikkei is 0.7% stronger.

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Midday Market Analysis: Treading Water is a post from: Australian Stock Report Market Pulse Blog

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