{"id":62134,"date":"2013-07-09T17:06:40","date_gmt":"2013-07-09T07:06:40","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/07\/09\/australian-stocks-what-happened-today-125\/"},"modified":"2013-07-09T17:06:40","modified_gmt":"2013-07-09T07:06:40","slug":"australian-stocks-what-happened-today-125","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/07\/09\/australian-stocks-what-happened-today-125\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

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

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

\n\tThe Australian market (XJO<\/span>) closed <\/span><\/span>up 32.2 points or 0.67% to 4809.5<\/b><\/span> <\/span>today. A promising result today, markets moved much higher even with poor data being released. Overnight the Dow Jones rose 88.85 points or 0.59% to 15,224.70. The XJO<\/span> opened strong and continued steadily higher most of the day. We hit a daily high of 4894.5 at around <\/span>3:30<\/span><\/span> <\/span>and close slightly lower. Only one sector finished negative today, Telecommunications fell -0.55%. The best performing sectors were Information Technology and Financials rising 2.17% and 1.88% respectively.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tIn economic news, the NAB monthly business survey has hit a 4 year low, falling to -8 in June after a -4 reading in May.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tChinese inflation data released today <\/span><\/span>shows consumer prices (CPI) jumped 2.7% in June <\/span>from last year, up from the 2.1% rise in May, beating the forecasted 2.5% rise. However producer prices (PPI) are still falling in China, dropping 2.6% in June, after a 2.9% fall in May. Furthermore Citi<\/span> has downgraded China's growth outlook from 7.6% to 7.4% for 2013, and from 7.3% to 7.1% in 2014, with risks of even slower growth if there are policy missteps amid a period of reform by the government.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tGoodman Group ((GMG<\/span>)) have raised $775 million in new equity via the European operations. The company said most of the equity was raised via a rights issue to existing investors, with additional equity raised through demand from new investors. Separately, to facilitate the excess demand, Goodman Group will sell down part of its European holdings, operating under the banner of Goodman European Logistics Fund (GELF<\/span>), the group's largest European real estate investment vehicle. The sell-down will result in Goodman Group holding approximately 20% of GELF<\/span>.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tRamelius<\/span> Resources Limited ((RMS<\/span>)) has announced that the June quarter production from its Mt Magnet gold in WA is at a record level, up 17,100 ounces, 17.5% higher than the previous quarter. RRL<\/span> has begun to reduce operating costs as the price of gold declines. Its <\/span><\/span>Production guidance for the 2013\/14 financial year will be provided in the June 2013 quarterly report.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tTelstra Corporation Limited ((TLS)) is going to cut up to 170 jobs as part of an initiative to send back office operations to India. In May TLS signalled<\/span> that it was about to reorganise<\/span> its internal structure into 5 groups, three of which – Networks, IT Solutions and Customer Service Delivery – are new additions. It also said about half of its 30,000 domestic employees would be affected by the changes.
\n\t <\/span><\/p>\n

\n\tAUD is currently trading at<\/span> <\/span>$0.9141, up $0.0008 <\/b><\/span>against the USD.<\/span><\/p>\n

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

\n\tDiscovery Metals Limited ((DML<\/span>)) up $0.03 or 19.35% to $0.185
\n\tBuru<\/span> Energy Limited ((BRU<\/span>)) up $0.16 or 11.94% to $1.50
\n\tSilver Lake Resources Limited ((SLR<\/span>)) up $0.05 or 8.26% to $0.655
\n\tResolute Mining Limited ((RSG<\/span>)) up $0.03 or 5.66% to $0.56
\n\tHenderson Group PLC ((HGG<\/span>)) up $0.14 or 5.41% to $2.73<\/p>\n

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

\tBillabong<\/span> International Limited ((BBG<\/span>)) down -$0.045 or -15.79% to $0.24
\n\tMedusa Mining Limited ((MML<\/span>)) down -$0.20 or -12.12% to $1.45
\n\tMineral Deposits Limited ((MDL<\/span>)) down -$0.23 or -11.39% to $1.79
\n\tSirius Resources NL ((SIR)) down -$0.09 or -4.21% to $2.05
\n\tCaltex<\/span> Australia Limited ((CTX<\/span>)) down -$0.67 or -3.58% to $18.04<\/p>\n

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

\n\tMacquarie Group ((MQG<\/span>)) looks very good here from a technical perspective.<\/p>\n

\tHas recently found a high close to $48 and pulled back with the rest of the market over the last 6-8 weeks. The level price action come back to is the last swing high and has now started to move impulsively to the upside. This indicates a clear uptrend and I would expect the share price as a minimum to go up and retest the recent high of $47.37<\/p>\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":8,"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\/62134"}],"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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=62134"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62134\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}