\n\tBy Stephen Hogan, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n
\tAustralian Market<\/strong><\/p>\n \tThe Australian market (XJO<\/span>) closed down -23.6 points or -0.47% to 4959.9 today. The Australian share market has finished in negative territory for the fifth consecutive trading day, as retail and materials stocks posted some solid losses. Materials stocks including Evolution Mining ((EVN<\/span>)), Alacer<\/span> Gold ((AQG<\/span>)) and Atlas Iron ((AGO)) all hit 12 month lows today. The value of trades was $4 billion on volume of 805 million shares at the close of trade. The best performing sector was Telco<\/span> services adding 12 points to close at 1,687. The worst performing sector was Materials, losing 140 points to close at 9,245.<\/p>\n \tKaroon<\/span> Gas Australia Limited ((KAR<\/span>)) has completed its three well Santos Basin exploration campaign, at a total net cost of $30 million. During the exploration program, the hydrocarbon explorer made two potential commercial oil discoveries, which CEO Bob Hosking<\/span> says have dramatically improved the prospects for discovering oil in other targets within its offshore blocks in Brazil. Shares in Karoon<\/span> Gas closed 4.51% down at $5.50.<\/p>\n \tGindalbie<\/span> Metals Limited ((GBG<\/span>)) says the ramp-up of its Karara<\/span> Project in Western Australia is continuing to progress, with no material issues encountered with the commissioning of the plant, which has seen seven of nine key areas complete. Gindalbie<\/span> says the project team is targeting to achieve nameplate capacity of 8 mega tonnes<\/span> annually, subject to the timely installation of the new equipment and the absence of any issues. Shares in Gindalbie<\/span> Metals closed 7.69 per cent down at $0.12.<\/p>\n \tWestfield Retail Trust ((WRT<\/span>)) plans to spend $435 million on redeveloping Westfield Miranda in New South Wales. The project will increase the size of the centre<\/span> by about 19,000 square meters.<\/p>\n \tDavid Jones Limited ((DJS)) has posted a slight drop in sales in the third quarter, weighed down by a warm start to winter and more consumer caution.<\/p>\n \tSundance Resources Limited ((SDL<\/span>)) shares spiked to be today's best performing stock, with the Africa focused iron ore explorer fielding approaches from a number of interested parties about the development of its Mbalam-Nabeba<\/span> Iron Ore Project in Cameroon.<\/p>\n \tTop Performers<\/strong><\/p>\n \tSundance Resources ((SDL<\/span>)) up $0.018 or 22.50% to $0.098<\/p>\n \n\tM2<\/span> Telecommunications ((MTU<\/span>)) up $0.29 or 5.51% to $5.55<\/p>\n \n\tDiscovery Metals ((DML<\/span>)) up $0.01 or 4.76% to $0.22<\/p>\n \n\tMirabela<\/span> Nickel ((MBN<\/span>)) up $0.005 or 3.23% to $0.16<\/p>\n \n\tALS Limited ((ALQ<\/span>)) up $0.25 or 2.86% to $8.99 \tMaverick Drilling ((MAD)) down -$0.045 or -9.68% to $0.42<\/p>\n \n\tCoalspur<\/span> Mines ((CPL<\/span>)) down -$0.025 or -7.58% to $0.305<\/p>\n \n\tWestern Areas Limited ((WSA<\/span>)) down -$0.21 or -7.19% to $2.71<\/p>\n \n\tHorizon Oil ((HZN<\/span>)) down -$0.028 or -6.75% to $0.387<\/p>\n \n\tIndependance<\/span> Group ((IGO<\/span>)) down -$0.20 or -6.10% to $3.08<\/p>\n \tOur Comments<\/strong><\/p>\n \n\tThe new week has started the same way the last one finished, with sellers dominating. The debate about the US Federal Reserve exiting its quantitative easing program continues to dominate the bigger picture even though unemployment has still not reached the FED's target.<\/p>\n \n\tWe set a downside target around the 4900 level and we are almost there now. BHP<\/span> Billiton<\/span> ((BHP<\/span>)) seems to be trading well here even though the share price is declining, the last couple of sessions it has outperformed the overall market.<\/p>\n \n\tAny continued weakness here in National Australia Bank ((NAB)) before Thursday before it goes ex dividend we view as a buying opportunity.<\/p>\n \n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.) \n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n
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\n\tBottom Performers<\/strong><\/p>\n
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