Australian Stock Report - Market Pulse

Midday Market Commentary: Underwater Aussie

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Publish date: Tue, 10 Apr 2012, 02:42 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 Commentary: Underwater Aussie

The Aussie market is underwater heading into the after lunch session, with the XJO currently sitting 25 points (-0.6%) below par, at 4290.

The losses are widespread, with every sector in the red.

Healthcare, energy and IT stocks are the hardest hit, whilst telcos, industrials and materials are the best of a bad bunch.

In economic news, Australian business conditions improved in March as firms became a little more hopeful on the outlook, while lacklustre jobs growth and restrained price pressures still left room for a cut in interest rates.

NAB's monthly survey of more than 400 firms showed its measure of business conditions rose one point, to four, in March, the highest reading in more than a year and just above the long-run average of the survey.

In company news, Austar United Communication is up 2.5% after the ACCC announced that it won't oppose pay television company Foxtel's 1.9 billion Australian dollar takeover bid.

Rio controlled Energy Resources Australia (ERA) is up 1.2% after announcing that expects to produce between 3,200 and 3,700 metric tons of uranium oxide in 2012, tightening previous guidance of between 3,000 and 3,700 tons.

Around the region, Asian markets are mainly weaker; the Hang Seng and Shanghai Composite are off approximately 1% each, whilst the Nikkei is 0.8% stronger.

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Midday Market Commentary: Underwater Aussie is a post from: Australian Stock Report Market Pulse Blog

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