{"id":61986,"date":"2013-06-12T18:43:01","date_gmt":"2013-06-12T08:43:01","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/06\/12\/australian-stocks-what-happened-today-111\/"},"modified":"2013-06-12T18:43:01","modified_gmt":"2013-06-12T08:43:01","slug":"australian-stocks-what-happened-today-111","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/06\/12\/australian-stocks-what-happened-today-111\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Stephen Hogan<\/a>, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n

\tAustralian Market<\/strong><\/p>\n

\tThe Australian market (XJO) closed down -32.6 points or 0.69% to 4724.5 today. Our market is following suit once again from global markets. The Dow Jones fell -116.57 points or -0.76% to 15,122.00 with more stimulus fears surfacing including some backlash from the Bank of Japan's statements about not expanding their own stimulus efforts.<\/p>\n

\n\tThe market moved lower early in the session and made its low of 4710.1 at around 1pm before making a small come back to the close. All sectors were in the red except for Telecommunication Services which gained 0.26%, the rest ranged from -0.10% to -0.97%, ASX 200 Energy fell the most.<\/p>\n

\n\tGold miners Newcrest ((NCM)) have been enquired into by the ASX, claiming it has breached share market rules. The ASX stated that the timing of a major restructure (NCM announced last Friday that they are closing its Brisbane office and making asset write-downs of up to $6 billion in value as part of measures to deal with a weakening gold price) coincided with the down grading of three separate analysts views on the company's share price. Newcrest says it acted in compliance with listing rule 3.1, which requires listed companies to immediately announce information that could move its share price.<\/p>\n

\n\tWesfarmers' ((WES)) retail chain Target has made a total of 260 staff members redundant from the Geelong head quarters today. Management earlier told the more than 1000 Geelong staff to be at work this morning for an announcement on expected job cuts. It is believed that the redundancies are spread across all departments.<\/p>\n

\n\tThe Westpac\/Melbourne Institute index of consumer sentiment numbers for June rose 4.7% to 102.2 points, indicating that most of the people surveyed were optimistic about the economy.<\/p>\n

\n\tAUD is currently trading at $0.9432, up $0.0008 against the USD.<\/p>\n

\tTop Performers<\/strong><\/p>\n

\tDiscovery Metals Limited ((DML)) up $0.015 or 8.33% to $0.195<\/p>\n

\n\tSt Barbara Limited ((SBM)) up $0.035 or 5.38% to $0.685<\/p>\n

\n\tTreasury Wine Estates Limited ((TWE)) up $0.21 or 3.58% to $6.07<\/p>\n

\n\tM2 Telecommunications Group Limited ((MTU)) up $0.19 or 3.52% to $5.59<\/p>\n

\n\tSilver Lake Resources Limited ((SLR)) up $0.025 or 2.99% to $0.86
\n\t 
\n\tBottom Performers<\/strong><\/p>\n

\t  Senex Energy Limited ((SXY)) down -$0.04 or -6.90% to $0.54<\/p>\n

\n\tCoalspur Mines Limited ((CPL)) down -$0.15 or -6.38% to $0.22<\/p>\n

\n\tTransfield Services Limited ((TSE)) down -$0.05 or -6.33% to $0.74<\/p>\n

\n\tBoart Longyear Limited ((BLY)) down -$0.038 or -5.71% to $0.627<\/p>\n

\n\tSkilled Group Limited ((SKE)) down -$0.14 or -5.67% to $2.33<\/p>\n

\tOur Comments<\/strong><\/p>\n

\n\tLate comeback by the market, must be near a low! The Nikkei staged a good comeback as well. Astounding how the Australian market is under performing the US market at the moment so heavily but I digress.<\/p>\n

\n\tA common theme I hear from investors at the moment is the unfavorable outlook on the Australian economy. Firstly let me say we are in a different world to some countries out there at the moment. Imagine being a University student in Spain, Ireland, Greece, Portugal, Italy and to some degree the UK where you will not get a job after graduating for anywhere up to a decade in the field you have chosen.<\/p>\n

\n\tIn relation to the market, the economy and the market are two totally different things – in interest cutting cycles and low interest rate environments markets perform very well whilst this is never good for an economy. The Australian economy has some headwinds but is in a great place in relation to the world. We will see substantial growth in our market over the next couple of years but you have to expect hiccups along the way.<\/p>\n

\n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.)
\n\t <\/p>\n

\n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n

\n\tStephen Hogan is an Authorised<\/span> Representative of Novus<\/span> Capital. Authorised<\/span> Representative No.345411 – http:\/\/www.stephenhogan.com.au<\/a><\/em><\/p>\n

\n\tNovus<\/span> Capital Limited ("Novus<\/span>") is holder of Australian Financial Services Licence<\/span> No 238 168. Novus<\/span>, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and\/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised<\/span> and also may change without notice to you, particularly if based on past performance or relate to a future matter.<\/em><\/p>\n

\n\tNovus<\/span> believes that any information or advice (including any financial product recommendation) contained in this document is accurate when issued but do not warrant its accuracy or reliability. Novus<\/span> is not obliged to provide you with updated information or advice if circumstances change. Novus<\/span>, its directors, officers, associates and employees exclude to the full extent permitted by law, all liability of any kind whether in negligence, contract, under a fiduciary duty or otherwise, for any loss or damage, whether direct, indirect, consequential or otherwise, whether foreseeable or not, arising from or in connection with this e-mail or an attached document.<\/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":"

A wrap of the day’s activity on the Australian stock market.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/61986"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=61986"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/61986\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=61986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=61986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=61986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}