Evening Market Analysis: Positive End to Tough Week
It was a lacklustre day on our market, with the bull taking control at the open. The market then proceeded to trade within a 15-20 point range for the rest of the day.
The main focus was on the retail sector, after JB Hi-Fi (-15.3%) warned in an aftermarket statement yesterday that it was expecting EBIT to be 5% below 1H11.
Other retails were tarred with the same brush as JB Hi-Fi, with Harvey Norman (-6.9%), Billabong (-5.2%) and Myer (-2.6%) all having shocking days.
The banks had a mixed day; NAB dropped 0.2% whilst rival ANZ jumped 1% despite flagging at its AGM that funding costs are placing a strain on the group’s margin.
The miners recovered some of their losses from earlier in the week; Rio Tinto put on 0.7% while BHP gained 0.4%.
The ASX 200 advanced 20 points (+0.5%), settling at 4159.
Today’s gain help recover some of the early week losses. In the end it wasn’t enough to prevent another poor week for the market, which closed down 1%.