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Yesterday's Market Plunge A "Silly Affair"?

  1. xerxes_ph

    9,081 Posts.

    Morning Mood - Market may recover today

    5-Sep: The extent of yesterday's plunge on the Australian market was a silly affair with companies continuing to announce profit gains in their annual reports. The slide was a copy-cat move in conformity with New York which seems to be well and truly spooked at the moment.

    Overnight, US and Eropean markets have come to their senses and either arrested the fall or reversed it. The same effect is likely in Australia today.

    In Asia the Nikkei closed in negative territory but the Hang Seng posted a small rise.

    The Australian dollar is currently trading in the mid 54 US cents range.

    The ASX 200 starts the day at 3093 (down 50 points) and the All Ords commences the day at 3048 (down 48 points). Overnight trading on the sycom up 27 points indicating that the Australian market may rise on opening this morning.

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