Australia | May 16 2013
This story features AI PRIVATE OPPORTUNITIES TRUST.
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By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives
Australian Market
The Australian market (ASX 200) closed down -26.0 points or 0.50% to 5165.7 today. Our market has again opened strongly only to be sold off all afternoon. We hit a high of 5210.5 twice in the morning before dropping through the opening price just after 11:00, a low of 2156.9 at 3:50 and came back almost 10 points to close. Gold shares appeared to be driving the decline after the gold price remains under pressure, sliding below the mark of U.S.$1400 an ounce overnight, losing more than 2% and hitting its lowest price in nearly a month. Overnight the Dow Jones made another fresh high, gaining 60.44 points or 0.40%. Our Consumer Staples and Telecommunications sectors manage to rise in today's falling market, adding 1.74% and 1.17% respectively.
Shares in Australian Infrastructure Fund, which is in the process of winding up, are down 94.5%. The company is trading ex-dividend today, paying out $3.02 per share after selling all of its assets.
Former ANZ chief financial officer Peter Marriott has joined the board of Westpac. Marriott served as ANZ's CFO for 15 years from 1997, and has worked in the financial sector for more than 30 years. He starts Westpac as a non-executive director from June 1; He Marriott also sits on the board of market operator ASX Ltd.
AUD is currently trading at $0.9833, down -$0.0063 against the USD.
Top Performers
Seek Limited ((SEK)) up $0.84 or 8.23% to $11.05
Whitehaven Coal Limited ((WHC)) up $0.105 or 4.86% to $2.265
Caltex Australia Limited ((CTX)) up $1.04 or 4.73% to $23.03
Nufarm Limited ((NUF)) up $0.195 or 4.62% to $4.415
FKP Property Group Limited ((FKP)) up $0.065 or 4.51% to $1.505
Bottom Performers
Australia Infrastructure Fund Limited ((AIX)) down -$3.008 or -95.59% to $0.172
Virgin Australia Holdings Limited ((VAH)) down -$0.065 or -14.13% to $0.395
Ausdrill Limited ((ASL)) down -$0.175 or -11.51% to $1.345
Kingsgate Consolidated Limited ((KCN)) down -$0.205 or -11.17% to $1.63
Evolution Mining Limited ((EVN)) down -$0.10 or -10.70% to $0.835
Our Comments
Nasty day! After a fairly decent start to the session we really fell off into the close. It was not for a select few such as CBA today then we may have been down close to 50 points and it would have been a real bloodbath. Every time it looks like the market might be happy to take on some risk it gets put to be very quickly and sold off.
I would expect some more weakness here over the next week or two as most charts I am looking at across the board look like suggest we are going to see some selling. However I would add on a positive note as per our previous comments that downside on the overall market is limited in my opinion.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).
Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au
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