Australian Stock Report - Market Pulse
Midday Market Analysis: Underwater Aussie
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Publish date: Wed, 05 Sep 2012, 01:37 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: Underwater Aussie
The Aussie market is struggling so far today, following on from the bearish leads provided by international markets last night.
The XJO is presently down 35 points (-0.8%) at 4270.
Most sectors are weaker, with materials, industrials and energy stocks the weakest links, whilst healthcare and utilities are in the green.
In company news, FMG has plummeted 9.7% on the back falling iron ore prices.
The iron ore player also announced the sale of the power station at its Solomon iron ore mine in the Pilbara region of Western Australia for net proceeds of US$300 million.
In economic news, GDP data released from Australian Bureau of Statistics showed Australia’s economy expanded at 0.6% in the June quarter, missing economist estimates for a 0.8% rise.
For the 12 months to June, GDP grew 3.7%, in line with expectations.
Around the region, Asian markets are all weaker; the Hang Seng (-1%) and Nikkei (-0.8%) are the weakest links.
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