Australian Stock Report - Market Pulse

Evening Market Analysis: XJO Holds Gains

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Publish date: Wed, 04 Jul 2012, 04:22 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 held onto solid gains throughout the afternoon session to end the day 45 points (+1.1%) higher, at 4172.

Materials, energy and consumer staples stocks were the best performers, whilst telcos and healthcare were the only sectors to finish in the red.

Most of the big four banks finished in the green, with ANZ (+0.5%), CBA (+0.5%), NAB (+0.6%) stronger but WBC (-0.1%) closed weaker.

Evening Market Analysis: XJO Holds Gains

Of the big miners, BHP (+2.1%) enjoyed strong gains, as did rival RIO (+2.7%). Elsewhere, FMG jumped 3.5%.

Meanwhile, junior Iron Ore miners Mount Gibson Iron and Gindalbie Metals, surged 11% and 10.6% respectively, after being sold off heavily in recent times.

In economic news, retail sales rose more than expected in May as rate cuts and government assistance for students and the carbon tax began flowing into households.

Sales for the month rose 0.5% from April, beating the 0.2% increase expected by economists.

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Evening Market Analysis: XJO Holds Gains is a post from: Australian Stock Report Market Pulse Blog

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