Australian Stocks: What Happened Today?

This story features FLINDERS MINES LIMITED, and other companies. For more info SHARE ANALYSIS: FMS

Download related file: afternoon_report_2013-03-08

The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research

Asian markets surge on data out of China, Japan

Asian markets rallied today as China said its exports surged 21.8% in the year to February, beating analysts’ estimates, and revised data showed Japan’s economy emerged from recession in the fourth quarter. China’s trade surplus narrowed from US$29.2 billion to US$15.3Bn, but did not fall into deficit, as expected, thanks to imports falling 15.2%.

In a month shortened by China’s week-long Lunar New Year holiday, shipments of iron ore fell 14% to a four-month low of 56.4 million tonnes (Mt). Iron ore imports were down 16.2% from a year earlier, while imports for Jan and Feb, which should theoretically erase the new year effect, were down 1.5% over 12 months.

Flinders Mines ((FMS)), Northern Iron ((NFE)) and Grange Resources ((GGR)) all closed down at least 3.8%. Fortescue Metals Group ((FMG)) and Rio Tinto ((RIO)), however, Australia’s third and second-largest iron ore producers, both closed in positive territory today.
 

To read today's report in PDF in full, see link at the top of this story.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)

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