Thanks Endless. Half-time round-up: The Australian share market...

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    Thanks Endless.

    Half-time round-up:

    The Australian share market pushed to a six-year high this morning as most Asian markets rallied for a fourth day and US futures hinted at a rebound tonight.

    At lunchtime the ASX 200 was trading 37 points or 0.7% higher at 5626, a level last seen in June 2008 as the second down-leg of the GFC got underway. A broad rally was led by utilities +1.2%, consumer staples +1%, industrials +0.9%, health +0.8% and property trusts +0.7%.

    “Valuations don’t look cheap but they’re not terribly expensive either, so I’m optimistic on equities over the next 12 months,” Mark Lister, head of private wealth research at Craigs Investment Partners in New Zealand, told Bloomberg. “There are still concerns out there on some of the bigger issues in the geopolitical front. People are watching key events such as the Fed meeting and the US GDP tonight and the jobs numbers on Friday.”

    Most Asian markets extended their rally into a fourth session. China's Shanghai Composite was near break-even at -0.02%, Hong Kong's Hang Seng added 0.68% and Japan's Nikkei put on 0.27%. Dow futures were recently up 22 points or more than 0.1%.

    Crude oil futures dropped six cents this morning to US$100.93 a barrel. Spot gold was 20 cents weaker at US$1,298.40 an ounce. The dollar was buying 93.84 US cents.


    Nice clean breakout on the index this morning, suggesting the local market is in robust health. Most of the graphite stocks bounced on cue. Lot of promising trades this morning but I was off my game following news of the passing of an eccentric Scottish uncle overnight. Had a half-hearted dip in SMN but my mind isn't really on the game. Missed obvious trades in SHL and MML, among others.
 
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