Asian Market Commentary
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Australian Market Down Marginally Amid Cautious Trades

11/22/2012 8:49 PM ET

The Australian stock market is trading subdued on Friday with investors mostly treading cautiously amid a lack of significant triggers.

Energy, information technology and industrial stocks are trading weak, while financial, mining, consumer discretionary stocks are trading mixed.

The benchmark S&P/ASX 200 index, which declined to around 4,398 after opening flat, is currently trading at 4,405, down 8.1 points or 0.2 percent from its previous close. The broader All Ordinaries index is down 8.4 points or 0.2 percent at 4,424.

Among top miners, BHP Billiton (BHP, BBL) and Newcrest Mining are trading lower by 0.3 percent and 0.4 percent, respectively. Fortescue Metals is down 1.6 percent and Rio Tinto (RIO, RIO.L) is trading flat.

Among energy stocks, Woodside Petroleum, Oil Search, Origin Energy and Caltex Australia are down 0.3 to 1 percent, while Santos is down with a loss of 2.4 percent.

In the banking space, ANZ Bank (ANZ) and Westpac (WBK) are trading modestly lower, while Commonwealth Bank of Australia and National Australia Bank are up marginally. Bendigo & Adelaide Bank and Bank of Queensland are down 0.6 percent and 0.9 percent, respectively.

ALS Limited shares are down more than 4 percent. Paladin Energy, Echo Entertainment Group, Perseus Mining, Downer EDI, Oz Minerals, Atlas Iron, Beach Energy and PanAust are trading lower by 1.2 to 2.2 percent.

Among notable gainers, Lynas Corporation is up more than 5 percent, Fairfax Media is adding 4.2 percent and Challenger is up nearly 4 percent.

Myer Holdings and Alumina (AWC) are trading higher by around 2.5 percent. Tatts Group, SP Ausnet, Bluescope Steel and Metcash are also trading notably higher.

Among other markets in the Asia-Pacific region, Hong Kong, Malaysia and South Korea are trading weak, while New Zealand, Taiwan and Singapore are up in positive territory. The Japanese market is closed for Labour Thanksgiving holiday.

The U.S. markets were closed on Thursday for Thanksgiving Holiday, while major European markets ended higher. The German DAX index moved up 0.6 percent, while the U.K.'s FTSE 100 index and the French CAC 40 index gained 0.7 percent and 0.8 percent, respectively.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

comments powered by Disqus