Australian Stocks: What Happened Today?

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This story features KAROON ENERGY LIMITED.
For more info SHARE ANALYSIS: KAR
The company is included in ASX200, ASX300 and ALL-ORDS

Download related file: afternoon_report_2013-03-25

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

Asian stocks rise on Cyprus bank bailout

Asian stocks rebounded today from the biggest weekly drop since August as Cyprus, together with the ECB and the IMF, agreed to draft a proposal to rescue the country's troubled banks. The proposal will heed demands to shrink the nation's banking system in exchange for a €10 billion bailout.

Under the new arrangement, Cyprus Popular Bank will be wound down and deposits above €100,000, which under EU law are not insured, will be frozen and used to resolve debt. Deposits €100,000 will be spared.

Japanese stocks led gains, with the Nikkei-225 up 1.9% for the day as the yen weakened on a Cyprus solution. Bank of Japan Governor Haruhiko Kuroda will appear in parliament tomorrow to speak about monetary policy.

In Australia, banks led the ASX 200 index 0.5% higher to 4990.20. Leighton Holdings ((LEI)) jumped 4.1% after saying it had appointed Bob Humphris, the former MD of Peabody Corp., as Chairman. Karoon Gas ((KAR)) fell 8.9% on news that its Emu well in Brazil failed to yield oil.

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.)

Analyst Certification: Any views expressed in this research report by Seismic Research Solutions Pty Ltd (‘Seismic Research’) accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research report receives compensation based on overall revenues of Seismic Research and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

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