Evening Market Analysis: Tough Day For The Bills
30th May 2012
Evening Market Analysis: Tough Day For The Bills
The Australian market ended the day in red, despite solid gains for international shares overnight.
At home April retail sales fell 0.2%, against an expected rise of 0.2%.
The disappointing retail data offered yet more evidence of a subdued consumer environment.
However the data is unlikely to sway the RBA to cut rates next week, with central banks focus expected to be on global conditions.
Most sectors closed underwater, with materials and energy the hardest hit.
Telcos and utilities managed to advance on the day.
The big four banks were mixed; Westpac lost the most ground of the group, losing 1.1%, whilst rival ANZ recorded a rise of 0.1%.
The mining majors weighed on the market, as commodity prices seemed to get little impact from Chinese stimulus hopes.
Rio Tinto and BHP dropped 1.4% and 0.6% respectively.
Wesfarmers was down 0.2% despite announcing sales growth at its Bunnings and Officeworks stores.
Energy stocks Woodside (-1%) and Santos (-1.3%) both declined on the back of weaker oil prices.
The ASX 200 shed 20 points (-0.5%) to settle at 4094.
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Written by: marketpulse
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Posted in Evening, Market Analysis
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