Midday Market Analysis: Retail Sales Provide Boost


Midday Market Analysis: Retail Sales Provide Boost

Midday Market Analysis: Retail Sales Provide Boost

The Aussie market is faring well so far today, currently 45 points (+1.1%) stronger, at 4310.

The materials sector is leading the charge higher, with consumer staples and financials firmly in tow.

Only the consumer discretionary sector is underwater.

A solid retails sales number has provided a boost, with sales rising 0.3% in January following a 0.1% drop in December. The result was in line with expectations.

In company news, Seven Group Holdings announced a 1H FY12 profit of $52.1 million, a 57.8% fall on the previous corresponding period. The result was better than the market expected.

Elsewhere, Harvey Norman Holdings posted its 1H FY12 earnings, showing a net profit of $129 million, a 2.1% fall compared to FY11. The result missed analyst expectations.

Around the region, Asian markets mainly stronger; the Hang Seng is up 0.3% whilst the Nikkei is 1.2% firmer.

Only the Shanghai Composite is weaker, currently down 0.7%.

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