Midday Market Analysis: Early Rally Snuffed Out
21st May 2012
Midday Market Analysis: Early Rally Snuffed Out
The Aussie market is holding on for dear life so far today, with the XJO trading just 8 points above water in the face of some bearish leads provided by international markets on Friday night.
The XJO is up 0.2%, holding near 4055.
The sectors are fairly evenly balanced between winners and losers, with materials and financials amongst the best performers, whilst IT and industrials are the hardest hit.
In company news, Elders is trading flat despite posting a first half net profit of $40.5 million, the result is a turnaround from the $14.6 million loss in the same period last year.
Elsewhere, Orica is down 0.2% after announcing that it has signed off on an agreement to build a 330,000 ton a year ammonium plant on Burrup peninsula in Western Australia.
Around the region, Asian markets are mainly weaker; the Hang Seng and Shanghai Composite are each off 0.2%m, whilst the Nikkei is up 0.2%.
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Written by: marketpulse
Other posts from: marketpulse
Posted in Market Analysis, Midday
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