\n\tThe analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research<\/p>\n
\n\tASX slumps on weak home loan data<\/strong><\/p>\n \n\tThe ASX<\/span> 200 reversed an early advance today and US futures pared gains as a report showed Australian home loan approvals fell for a third straight month in December.<\/p>\n \n\tThe ASX 200 index briefly touched the highest level since April 2010 today on a strong lead from Wall Street and Europe, but quickly reversed gains along with the Aussie dollar after the ABS said loans to purchase houses or apartments unexpectedly fell 1.5% in December. This is in-line with the Reserve Bank of Australia’s data, which shows that housing credit growth fell in December to the weakest annual pace since records began in 1977.<\/p>\n \n\tConsumer stocks were just about the only bright spot today, adding 1.5% as a group as JB Hi-Fi ((JBH)) surged 17% after reporting a 3% increase in net profit to $82.1 million for 2H 2012, beating analysts’ estimates.<\/p>\n \n\tVolume was low on the local exchange today with most Asian markets were closed for public holidays; China’s market will remain closed for the rest of the week for the Lunar New Year.<\/p>\n \n\tTo read today's report in PDF in full, see link at the top of this story.<\/p>\n