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Evening Market Analysis: Tough Day, Flat Week

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Publish date: Fri, 27 Apr 2012, 05:01 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: Tough Day, Flat Week

Aussie shares finished underwater today, despite a positive lead from international markets overnight.

Our market was hurt by the downgrade of Spain's sovereign debt rating by Standard & Poor's.

The sectors closed mostly in red; IT and utilities were the only exceptions.

The banking majors weighed on the market; NAB was the clear underperformer of the group, dropping 0.8%.

The big miners finished in the red despite stronger commodity prices; BHP declined 0.6% whilst Rio Tinto let go of 1.1%.

Retailer JB Hi-Fi plummeted 6.3% after reporting that it expects FY12 net profit to be between $100 million -$105 million, down 8.8% on last year's result of $109.7 million at the lower end of the range.

The ASX 200 shed 13 points (-0.3%) to close at 4362.

For the week the market was more or less flat, giving up just three points over the four sessions.

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Evening Market Analysis: Tough Day, Flat Week is a post from: Australian Stock Report Market Pulse Blog

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