Australian Stock Report - Market Pulse
Midday Market Analysis: The Sell Off Continues
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Publish date: Wed, 16 May 2012, 10:00 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: The Sell Off Continues
The Aussie market is enduring another selloff so far today, with the XJO currently down 30 points (-0.7%) at 4140.
The selloff is widespread, with all but a couple of sectors in negative territory.
Telcos and financials are collectively the weakest performers, whilst materials and utilities are teh strongest.
In company news, Sydney Airports is down 0.7% after reaffirming its distribution guidance of $0.21 per security for CY12.
Elsewhere, Aurora Oil & Gas has dropped 10.3% after undertaking a $120 million underwritten equity raising at $3.55.
Around the region, Asian markets are mixed; the Hang Seng (+0.5%) and Shanghai Composite (+0.4%) are stronger whilst the Nikkei (-0.2%) is weaker.
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