Evening Market Analysis: Tough Day, Flat Week


Evening Market Analysis: Tough Day, Flat Week

Evening Market Analysis: Tough Day, Flat Week

Aussie shares finished underwater today, despite a positive lead from international markets overnight.

Our market was hurt by the downgrade of Spain’s sovereign debt rating by Standard & Poor’s.

The sectors closed mostly in red; IT and utilities were the only exceptions.

The banking majors weighed on the market; NAB was the clear underperformer of the group, dropping 0.8%.

The big miners finished in the red despite stronger commodity prices; BHP declined 0.6% whilst Rio Tinto let go of 1.1%.

Retailer JB Hi-Fi  plummeted 6.3% after reporting that it expects FY12 net profit to be between $100 million -$105 million, down 8.8% on last year’s result of $109.7 million at the lower end of the range.

The ASX 200 shed 13 points (-0.3%) to close at 4362.

For the week the market was more or less flat, giving up just three points over the four sessions.

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