##{"id":61034,"date":"2012-12-07T16:16:34","date_gmt":"2012-12-07T05:16:34","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/12\/07\/australian-stocks-what-happened-today-10\/"},"modified":"2012-12-07T16:16:34","modified_gmt":"2012-12-07T05:16:34","slug":"australian-stocks-what-happened-today-10","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/12\/07\/australian-stocks-what-happened-today-10\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Max Ludowici<\/span>, Equities & Derivatives Advisor, 708 Capital<\/p>\n

\n\t <\/p>\n

\n\tThe scoreboard:<\/p>\n

\n\t– The ASX200<\/span> closed up 42 points or nearly 1% to 4552<\/p>\n

\n\t– The AUD is lingering around the $1.048 level and looking toppy<\/span> as it struggles to push through $1.05<\/p>\n

\n\t– Total volume for the day was just $3.5B below the current short term average and helped explain today’s unusual rise.<\/p>\n

\n\tShares on the ASX<\/span> traded with surprising strength thanks to several large offshore buy orders with solid gains seen across all sectors after a neutral night offshore. Poor domestic economic data did little to slow the run higher with the market hitting a six-week high to climb over 1% intraday. Another raft of woeful growth forecasts for the broader Eurozone<\/span> failed to push European markets lower overnight and kept the US market moving sideways. The poor growth outlook dragged oil prices lower by over 1%.<\/p>\n

\n\tSeveral large offshore portfolio buy orders led the market higher as well as expectations of strong employment data for the month of November from the US due out tonight. Traders seemed convinced that this was a certainty and didn’t want to miss out on any rally that may develop tonight. Continued strength from the Shanghai index also appeared to inject life into Asian indexes.<\/p>\n

\n\tOn the domestic data front, Australia’s trade deficit widened by over $0.66B to $2.1 billion in October. The deficit was the biggest since 2008 and wider than analyst expectations of $2B<\/span>. The cumulative trade deficit over the calendar year to October was $11.9B. The deficit underscores our dependence on raw materials exports, the prices of which have declined markedly since the start of the year only increasing the deficit gap.<\/p>\n

\n\tThe strength of the banks was reportedly the result of overseas fund purchases. Commonwealth ((CBA<\/span>)), ANZ<\/span> ((ANZ<\/span>)), National Bank ((NAB)) and Westpac ((WBC)) were all up around 1%.<\/p>\n

\n\tCSL<\/span> ((CSL<\/span>)) rallied strongly all day following an upgrade from Credit Suisse to outperform from Neutral and increasing the price target by 12%. CSL<\/span> closed the day up 2.5% to close at $54.77<\/p>\n

\n\tOther standout movers for the day included Westfield ((WDC<\/span>)), Goodman Group ((GMG<\/span>)) which jumped between 1.5-3% <\/p>\n

\n\tDOW futures are are flat at present, currently up 5 points
\n\t <\/p>\n

\n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.)<\/p>\n

\n\t <\/p>\n

\n\tThis article produced at the request of and is published by FNArena<\/span> with the expressed permission of 708 Capital.<\/em><\/em><\/p>\n

\n\t708 Capital is a full service stockbroking<\/span> and investment advisory firm. 708 offers investment and market advice to high-net-worth Private and Institutional clients in Australia and across the globe. 708's extensive network of contacts gives its clients exclusive access to ground-level fundraising opportunities and new company listings in a variety of small and large cap ASX<\/span> listed companies. 708 has a longstanding track record of generating exceptional returns for its clients. Click here 708capital.com.au\/contact-us\/<\/a> <\/a>for a no costconsultation<\/span> and portfolioreview<\/span> or to learn more visit www.708capital.com.au<\/a>. Note: 708 Capital offers wealth management services for Sophisticated and Wholesale Investors only. We can only assist investors who are classified as Sophisticated Investors or have verified assets over AUD$2.5m.<\/em><\/em><\/p>\n

\n\t708capital<\/span> is a holder of AFSL<\/span>. No. 386279<\/em><\/p>\n

\n\t $\"\"$ <\/em><\/p>\n

\n\tIMPORTANT DISCLAIMER – THIS MAY AFFECT YOUR LEGAL RIGHTS:<\/em><\/p>\n

\n\tThis document is intended to provide general securities advice only, and has been prepared without taking account of your objectives, financial situation or needs and therefore before acting on advice contained in this document you should consider its appropriateness having regard to your objectives, financial situation and needs. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.<\/em><\/p>\n

\n\tDisclosure of Interests: 708capital<\/span> receives commission from dealing in securities and its authorised<\/span> representatives, or introducers of business, may directly share in this commission. 708capital<\/span> and its associates may hold shares in the companies recommended.<\/em><\/p>\n

\n\tFind out why FNArena<\/span> subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"