Evening Market Analysis: Solid End To Strong Week
The Australian stockmarket finished the week in positive territory, following a mixed performance among international equities overnight.
Making economic news today was RBA governor Glen Stevens, who told the House of Representatives that rates are where they should be for the current environment.
Mr Stevens also said that he has no intention of intervening to bring down the Australian dollar, but did not rule out the possibility in the future.
A majority of the sectors closed above water, with the exception being utilities, IT and energy.
The big four banks were all stronger. NAB (+1.3%) was the best performer of the four despite the possibility of its UK assets credit rating being downgraded by Moody’s.
In the mining space, BHP and rival Rio Tinto both added 0.9%.
Newcrest dropped 4.3% after announcing that it expects March quarter production to be down 50,000-60,000 ounces due to problems at its Lihir gold operations in Papua New Guinea.
The ASX 200 climbed 21 points (+0.5%), to close at 4306. Today’s gains bought the market up 2.7% for the week.