Australian Stock Report - Market Pulse
Midday Market Commentary: Soft Start
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Publish date: Thu, 01 Mar 2012, 01:58 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 struggling so far today, currently trading 28 points (-0.7%) underwater, at 4270.
Midday Market Analysis: Soft Start
Most sectors are weaker, with utilities, materials and healthcare the worst performers whilst consumer staples, IT and telcos are the best.
In company news, Harvey Norman Holdings posted its 1H FY12 earning, showing a net profit of $129 million, a 2.1% fall compared to FY11. The result missed analyst expectations.
New Hope announced that it hasn't received a suitable takeover proposal despite months of negotiation and is therefore ending the formal sale process.
Woolworths posted a 1H FY12 profit of $966.9 million, a 16.8% fall compared to the same period in FY11. The results missed analyst expectations.
Around the region, Asian markets are mixed; the Hang Seng is 0.4 weaker whilst the Nikkei is 0.6% stronger.
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