Australian Stock Report - Market Pulse
Midday Market Analysis: Solid Start
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Publish date: Mon, 13 Aug 2012, 02:18 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: Solid Start
The Aussie market has started the new trading week on a positive note, with the XJO presently 20 points (+0.5%) higher, at 4300.
Most sectors are stronger, with materials, consumer staples and industrials the strongest performers.
Conversely, telcos and healthcare plays are the weakest links.
In company news, Bluescope Steel shares have skyrocketed over 32% after announcing it will form a US$1.36 billion joint venture with Japan’s Nippon Steel Corp targeting Southeast Asia and North America’s building sectors.
Elsewhere, JB Hi-Fi has climbed 6.8% after reporting a FY12 net profit of $104.6 million, a 4.6% fall on the prior year. The result was slightly ahead of analyst expectations.
Around the region, Asian markets are mainly weaker; the Shanghai Composite (-0.4%) and Hang Seng (-0.1%) are down, whilst the Nikkei is flat.
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