Australian Stocks: What Happened Today?

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This story features ALUMINA LIMITED.
For more info SHARE ANALYSIS: AWC

Download related file: afternoon_report_2013-02-14

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

Markets rally as Japan stimulus case strengthens

Asian markets rallied today after the Bank of Japan maintained its asset purchasing program as it revised up its assessment of the nation's economy, thanks to the recent fall in the yen and signs of a pickup in global economic growth. The BoJ said the Japanese economy “appears to be bottoming out” as data released today showed the nation's economy unexpectedly contracted 0.4% from a year earlier in the fourth quarter; posting negative quarterly growth for the third-straight quarter. The report was seen to improve the case for expanded monetary stimulus to bolster growth and end deflation.

The ASX 200 today, meanwhile, closed at its highest level since September 2008 today – over four years. Miners led gains on the local market ahead of Rio Tinto (+2.3%), Fortescue Metals Group (+4.3%) and Cape Lambert Resources (+10.9%) all reporting earnings after the market close. Alumina ((AWC)) also pushed miners higher, surging 7.5% after saying CITIC will invest $452 million at a premium for AWC to pay down debt.

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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