##{"id":61086,"date":"2012-12-18T16:26:35","date_gmt":"2012-12-18T05:26:35","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/12\/18\/australian-stocks-what-happened-today-16\/"},"modified":"2012-12-18T16:26:35","modified_gmt":"2012-12-18T05:26:35","slug":"australian-stocks-what-happened-today-16","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/12\/18\/australian-stocks-what-happened-today-16\/","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> hit a 17-month high intraday to close up 21 points or 0.5% to 4595<\/p>\n

\n\t– The AUD is still holding above 1.05. Currently reading 1.054 vs the USD<\/p>\n

\n\t– Total volumes were strong at $4.8B despite many brokers and dealers already taking holidays.<\/p>\n

\n\tAussies<\/span> stocks rose strongly on Tuesday closely tracking Wall Street’s session as positive signs from the US toward a fiscal cliff resolution inspired confidence in investors. A 45 minute meeting between Republican House Speaker, John Boehner and president Obama, the contents of which isn’t even known, was enough to get punters believing progress was being made. Boehner on Friday said he may support increasing income tax on those earning more than US$1m<\/span> per year and this was likely the main topic of conversation as Republican’s are become increasingly conciliatory as they push for a resolution before the new year.<\/p>\n

\n\tIron Ore’s stellar run didn’t slow overnight and this was the big supporting factor for our market over the day. 62% Fe on the Spot market was up another 2.2% overnight to $132.20 a metric ton, a 50% jump from its low 6 months ago. The rise augers well for our resources industry and economy at large given our leverage to commodities and is pointing to a stronger 2013 for our market. Mining services companies are starting to move strongly with the likes of Bradken<\/span> ((BKN<\/span>)) up 10% in a week – closing today’s session at $5.28. Other notable rises included NRW<\/span> holdings ((NWH<\/span>)) up 7.7% in today’s trade.<\/p>\n

\n\tThe obvious beneficiaries of the continued strength in iron ore had strong moves over the day with Rio Tinto ((RIO)), BHP<\/span> Billiton<\/span> ((BHP<\/span>)) and Atlas Iron ((AGO)) up 0.8%, 1.9%, 5.2% respectively. Fortescue<\/span> was another standout, rising another 2.9% to $4.60.<\/p>\n

\n\tThe election of the pro-growth Liberal Democratic party in Japan over the weekend has pushed uranium stocks globally through the roof as the new party affirmed their support for the Nuclear power industry in Japan. Paladin Energy ((PDN<\/span>)) rose 12.4%, Energy Resources Australia ((ERA)) also moved strongly, jumping 7.2%<\/p>\n

\n\tDOW futures are pointing to another positive opening, currently up 36 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":"