Australian Stock Report - Market Pulse

Midday Market Analysis: Flat Morning

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Publish date: Tue, 28 Feb 2012, 02:55 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.

Midday Market Analysis: Flat Morning

The Aussie market is hovering around breakeven heading into the afternoon session, with the XJO currently trading near 4270.

As would be expected, the sectors are evenly balanced between winners and losers, with healthcare, telcos and consumer discretionary plays leading the way.

Conversely, energy, financial and materials stocks are the laggards.

In company news, James Hardie posted a 3Q FY12 profit of US$27.7 million, a 32% rise compared to the same period in FY11. The results missed analyst expectations.

Elsewhere, QBE announced a FY11 profit of US$704 million, a 45% fall on the previous corresponding period.

The Group also announced it was seeking to raise $US 500 million from institutional and retail investors in order to replace its current tier two convertible debt.

Around the region, Asian markets are mixed; the Hang Seng is up 0.5% whilst the Nikkei is 0.7% weaker.

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Midday Market Analysis: Flat Morning is a post from: Australian Stock Report Market Pulse Blog

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