Australia | Mar 07 2013
Download related file: afternoon_report_2013-03-07
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Aussie stocks slump as trade deficit surges
Asian markets ended a two-day rally abruptly today, despite a positive lead from Wall Street, as the Bank of Japan (BoJ) ruled out hopes for an immediate expansion of open-ended asset purchases and a report showed Australia’s trade deficit widened more than expected in January.
The ASX 200 slumped today after the trade report showed the deficit came in at A$1.06 billion, more than twice the expected deficit of A$500 million, as Queensland’s floods in January disrupted coal exports and telecommunications imports surged (possibly thanks to the National Broadband Network). During the month, exports fell 0.7%, while imports rose 0.7%. Healthcare stocks led losses on the local market as CSL Limited (CSL)) slumped 1.5%. OceanaGold ((OGC)) rallied 5% after the gold producer reported production for 2012 of 232,902 ounces, above the guidance of 225,000 to 230,000 ounces.
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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