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Evening Market Analysis: Aussie Shares Climb

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Publish date: Tue, 16 Oct 2012, 04:37 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.

Aussie shares climbed higher today, following the solid night on international markets. At home, the RBA released minutes from its October meeting where it lowered the cash rate by 0.25%.

The central bank made mention of the noticeable decline in spending appetite within the Australian resources sector. Despite the weakness it did say it expects a significant contribution to gross domestic product from mining investments.

In relation to inflation the bank said it remained within its target range on an underlying basis and it expected it to remain within that band for the next one to two years. The sectors finished mostly in positive territory, with IT and financials the best performers.

Material, energy and property stocks were the weakest links. The big four banks all climbed higher, with NAB the best of group, climbing 1.1%. The mining majors had a shocker of a day, not helped by a poor night on commodity markets or the RBA's downbeat assessment towards the sector.. BHP and Rio Tinto declined 0.8%, and 1.3%, respectively.

The ASX200 added eight points (+0.2%) to settle at 4912.

Evening Market Analysis: Aussie Shares Climb is a post from: Australian Stock Report Market Pulse Blog

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