##{"id":61100,"date":"2012-12-20T16:43:01","date_gmt":"2012-12-20T05:43:01","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/12\/20\/australian-stocks-what-happened-today-18\/"},"modified":"2012-12-20T16:43:01","modified_gmt":"2012-12-20T05:43:01","slug":"australian-stocks-what-happened-today-18","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/12\/20\/australian-stocks-what-happened-today-18\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

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

\n\t The scoreboard:<\/p>\n

\n\t– The ASX200<\/span> closed up 16 points or 0.35% to 4634<\/p>\n

\n\t– The AUD broke below 1.05 overnight. Currently reading 1.0479 vs the USD<\/p>\n

\n\t– Index and Equity option expiry resulted in $6.4B worth of stock changing hands<\/p>\n

\n\tTrading on the ASX<\/span> was surprisingly resilient ahead of the Christmas and New Year break following on from a nervous session offshore as concerns surrounding the Fiscal Cliff weighed on sentiment. Other Asian markets were weaker across the board in today’s session following on from the US session which ended in the red as investors became increasingly pessimistic that a budgetary deal would be reached in time. Republican House speaker John Boehner spooked markets by declaring he would only approve legislation that protected the current income tax rates for Americans earning less than $1m<\/span> per year.<\/p>\n

\n\tStrong gains in the defensives offset mild profit taking in the miners as investors appeared unperturbed by the slower trading environment next week. <\/p>\n

\n\tQantas Airways ((QAN<\/span>)) and Emirates won approval from Australian competition regulators today for their proposed partnership overcoming the biggest hurdle the two companies faces in sealing their alliance. Though the determination as only in draft form, the ACCC<\/span> announced it had concern that traffic between Australia and New Zealand would be neglected and that the airlines must agree to maintaining minimum flight capacity on the Trans-Tasman route. In other ACCC<\/span> news, Carsales.com’s ((CRZ<\/span>)) proposed takeover of the Trading post website was blocked by regulators as it was determined to reduce competition in the online car classifieds market. QAN<\/span> closed flat at $1.46, CRZ<\/span> closed down 1.2% to $7.49.<\/p>\n

\n\tIt was hardly earth shattering news but our economic hero Wayne Swan said the federal budget was unlikely to be in surplus by end of this fiscal year breaking the market’s nice uptrend and pushing the market beneath its highs.<\/p>\n

\n\tMiners BHP<\/span> Billiton<\/span> ((BHP<\/span>)) and Rio Tinto ((RIO)) closed lower down 0.05% and 0.62% respectively. Fortescue<\/span> Metals ((FMG<\/span>)) lost 3.43% to close at $4.50.<\/p>\n

\n\tDexus<\/span> Property ((DXS<\/span>)) closed up 4.5% to $1.055 following an announcement that It had sold the majority of its industrial assets in the US for $560m<\/span> above their current value.<\/p>\n

\n\tANZ<\/span> Bank ((ANZ<\/span>)) gained 0.65% to $24.80 and Westpac Bank ((WBC)) put on 0.66% to $25.97.<\/p>\n

\n\tDOW futures are pointing to a sharply negative opening currently reading down 40 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
\n\tThis article produced at the request of and is published by FNArena<\/span> with the expressed permission of 708 Capital.<\/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":"