Midday Market Analysis: Little Aussie Battler
Despite soft leads from international markets last night, the Aussie market is faring well so far today.
The gains have come following news that China will increase liquidity via open market operations and cut banks’ required reserves to steer the economy towards a soft landing.
Most sectors are stronger, with consumer staples, healthcare and materials the best performers, whilst IT and utilities are the hardest hit.
In company news Santos is up 0.7% after reporting first-quarter revenue of $754 million a 50% jump compared to the prior corresponding period.
Fellow energy major Woodside has climbed 1.2% after it revealed revenue of US$1.2 billion, a 20% rise on the previous corresponding year.
Around the region, Asian markets are mixed; Hong Kong is up 0.3% whilst the Shanghai Composite is down 0.1% and the Nikkei is off 0.6%.