An eventful day on the local Aussie market, the 4300 point barrier breached intraday before settling just below the magical number up 0.8% or 38 points to 4298 at the close. We are getting there.
Other Asian markets are a mixed bag however, with Japan’s Nikkei 225 finishing exactly flat at 9723 points, while the volatile Hang Seng is currently up 50 points or 0.25% to 21621 points. Strangely, the Shanghai Composite is down 1% currently, but still above its breakout from its long term downtrend channel.
The AUD is now above 1.08 against the USD, looking like breaking out of a trading range, as the commodity/risk/speculating proxy continues to track other risk markets:
Gold put on another $5USD during the Asian session, currently at $1789USD per ounce or $1654AUD per ounce
Movers and Shakers
A green board – almost – with materials (BHP) and staples (Telstra) leading the way, only discretionary retail stocks lagging – mainly Harvey Norman which I covered earlier today.
Moving on, let’s quickly check out the ASX8 (the top four banks and miners) starting with ANZ which is up 0.3%, with the big brother of banks, the Commonwealth (CBA) up 0.5%, gaining back yesterday’s losses, but still moving nowhere for now.
National Australia Bank (NAB) surged ahead, gaining almost 2%, but there’s no reason to get excited, still sideways:
Westpac (WBC) also joined in the fun and frivolity, finally finishing in the free and clear, but not first – only up 1%, creating a symmetrical triangle on the daily char.t
To the holes, where BHP Billiton (BHP) where the Big (mainly owned by foreigners) Australian finally put some runs on the board, mirroring the index and going up almost 1% today to be above $36 a share. Without a big rise – at least above $38 per share – don’t count on the broader market moving anytime yet.
Its “twin” Rio Tinto (RIO), went ex-dividend today, so hard to gauge what’s going on there, but it looks to remain in a trading range after trying to break free of its bearish downward bias, with resistance at $70 per share and support at $59 a share.
Gold miner Newcrest Mining (NCM) also reversed its recent sell off to put on half a percent and to finish out the ASX8, Woodside Petroleum (WPL) was up 1%, rebuilding on its breakout, even as energies (WTI and Brent crude, which I cover in Market Morning) comes off the boil.
The futures are looking a bit mixed with the Dow Jones looking to open higher and build on its break of the 13000 point barrier, but the local market is actually off 20 points. The data tonight overseas includes German unemployment which will be interesting after the CPI result last night and a brace of US stuff – GDP/Chicago PMI/Beige Book.
Let’s see what happens in Market Morning tomorrow.
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