Evening Market Analysis: Flat End To Flat Week
23rd Mar 2012
Evening Market Analysis: Flat End To Flat Week
Aussie shares ended the week on a flat note, despite a weak night on international markets.
In Europe, German manufacturing PMI and UK retail sales were both weaker-than-expected for February.
In better news for the region, eurozone consumer confidence came in slightly better-than-expected in March. It was the second straight month in which confidence strengthened.
Stateside, the Labor Department reported new claims for unemployment benefits fell last week to 348,000, the lowest level in four years.
Most sectors ended the day in positive territory, the major exception being materials which were a noticeable drag on the market.
The mining majors were hurt by a falling commodity prices; BHP declined 1.2%, whilst Rio Tinto dropped 1.5%.
QR National lost 3.1% after announcing that it may miss its full-year earnings target, due to strike action at mines and QLD’s wet weather.
One Steel jumped 5.5% after conducting an analyst presentation, which was well received.
The big four banks were mixed; ANZ gained 0.4% whilst NAB let go of 0.2%.
The ASX 200 let go of three points (-0.1%) to close at 4270.
For the week the market was also off 0.1%.
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Written by: marketpulse
Other posts from: marketpulse
Posted in Evening, Market Analysis
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