\n\tBy Stephen Hogan, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n
\tAustralian Market<\/strong><\/p>\n \tThe Australian market (XJO) closed down -44 points or -0.88% to 4930.7 today. The market made moved lower for half the day before making a small comeback in the afternoon. We made a low of 4897.9 at around 12:45 before the buyers started to come in. The Telecommunications sector finished up as the worst of the day, down 2.53%. The All Ordinaries Gold sector moved highest adding 0.62% over the day.<\/p>\n \n\tCapex numbers were released today, showing business investment dropped 4.7% in the first quarter, expectations were for a 0.5% gain.<\/p>\n \n\tKerry Stokes has named the former Woodside ((WPL)) chief as new managing director and CEO of Seven Group Holdings ((SVW)).Effective July 1, comes as Voelte prepares to step aside as boss of Stokes' media company Seven West Media ((SWM)) to make way for Tim Worner. Voelte will also be deputy chairman of Seven West Media.<\/p>\n \n\tNAB's online retail sales survey shows Australians continue to spend more money buying online at the expense of traditional retailers. Australians spent $13.5 billion in the year to April, up 21%, or $2.3 billion, from $11.2 billion in the previous corresponding 12 months, says the NAB research.<\/p>\n \n\tAUD is currently trading at $0.9673, up $0.0040 against the USD.<\/p>\n \tTop Performers<\/strong><\/p>\n \tSt Barbara Limited ((SBM)) up $0.06 or 10.43% to $0.63<\/p>\n \n\tMaverick Drilling and Exploration Limited ((MAD)) up $0.03 or 8.57% to $0.38<\/p>\n \n\tAusdrill Limited ((ASL)) up $0.10 or 8.00% to $1.35<\/p>\n \n\tNorthern Star Resources Limited ((NST)) up $0.05 or 7.19% to $0.745<\/p>\n \n\tBoart Longyear Limited ((BLY)) up $0.037 or 5.56% to $0.702 \t Coalspur Mines Limited ((CPL)) down -$0.02 or -7.55% to $0.245<\/p>\n \n\tFortescue Metals Group Limited ((FMG)) down -$0.22 or -6.23% to $3.31<\/p>\n \n\tAtlas Iron Limited ((AGO)) down -$0.045 or -5.49% to $0.775<\/p>\n \n\tFKP Property Group ((FKP)) down -$0.075 or -5.17% to $1.375<\/p>\n \n\tSenex Energy Limited ((SXY)) down -$0.03 or -5.04% to $0.565<\/p>\n \tOur Comments<\/strong><\/p>\n \n\tWell here we are…only one weak session away from the 4900 level. Really key how the market trades here now, the yield plays should find support and hold up the market and I can't see us going much lower.<\/p>\n \n\tBHP jumped up quite a lot on the close helping the market in the match and our beloved energy sector was one of only two sectors today to finish in the black.<\/p>\n \n\tA question I was asked today was whether I thought the US would wind up stimulus, I think until the unemployment rate in the US is below 6.5% the quantitative easing will continue. There is no point stopping it now when the economy is still at an unsatisfactory level. It would be counterproductive to everything they have done up to this point and would send Bernanke out on a negative note. I would find it extremely stupid, for lack of a better word to stop the easing at this point.<\/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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