MARKET COMMENT: S&P/ASX 200 Down 0.3% Before US Employment Data
05 Aprile 2013 - 2:36AM
Dow Jones News
0005 GMT [Dow Jones] Australia's S&P/ASX 200 falls 0.3% to
4899.6 after hitting a fresh 2-month low of 4893.8 in mixed trading
before Friday's U.S. jobs data. Materials and industrials stocks
have recovered at the expense of defensive and high-yield sectors
including health care, utilities, consumer staples, telcos and
banks. BHP (BHP.AU), Rio Tinto (RIO.AU), Newcrest (NCM.AU) and
Fortescue (FMG.AU) rise 0.4%-1.7%, while CSL (CSL.AU), CBA
(CBA.AU), APA Group (APA.AU), Woolworths (WOW.AU), Telstra (TLS.AU)
and CBA (CBA.AU) fall 0.9%-1.5%. Traders are watching the Nikkei
after the BOJ's stronger-than-expected quantitative easing plans,
which potentially improve the outlook for commodity prices and
global economic growth. "It looks like there's been some portfolio
selling weighing on the market this week," says Macquarie Private
Wealth investment adviser John Milroy; "miners are having a fair
day here after being friendless recently." Still, traders aren't
convinced the resources sell-off is finished, despite obvious signs
of capitulation selling in mid-cap resources Thursday.
(david.rogers1@wsj.com)
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