Australian Stock Report - Market Pulse

Evening Market Analysis: Afternoon Fade

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Publish date: Fri, 30 Mar 2012, 06:04 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.

Evening Market Analysis: Afternoon Fade

The Australian market ended the week on a flat note, despite mostly weaker international markets overnight.

In the US, data showed that weekly jobless claims fell to 359,000 last week, with the level a bit higher than expected.

Also, the Commerce Department reported that US real gross domestic product for the fourth quarter rose at a 3.0% annualized rate, unrevised from an earlier estimate.

In Europe, jobless numbers in Germany fared much better than the US, with the total number of unemployed falling by 18,000 compared to a forecast of 10,000.

Turning back locally, the sectors finished with 7 out of 12 in negative territory. Consumer staples were one of best performing segments, whilst energy and a-reits were among the worst.

The big four banks were generally weaker; Westpac was the only exception up 0.1%.

NAB and ANZ closed down 1.6% and 0.9% respectively.

The mining majors were stronger despite falling commodity prices; BHP added 1.1%, whilst rival Rio Tinto jumped 1.6%

Energy stocks continued to tumble as oil prices declined: Santos dropped 1.2%, while Woodside let go of 1.4%.

Aquila Resources climbed 3.1% after announcing drilling at the newly discovered Haakdoorn and Gravenhage South Manganese prospects has a resource total of 28.2 million tonnes.

The ASX 200 slipped three points to close at 4335.

Overall the market had a strong week, up 1.5%.

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Evening Market Analysis: Afternoon Fade is a post from: Australian Stock Report Market Pulse Blog

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