For the 11th trading day in the past 12, the ASX ended trade on Friday in the red at 5304.3.
That’s only a small loss of 12 points or 0.2%, but it’s 245 points or around 4.4% off the high for the month.
The banks were down again, with the ANZ losing 0.44% to $31.80, the CBA lost 0.24% to $80.15 and Westpac was down 0.86% to $32.25. It wasn’t all bad news for the banks though as the NAB bucked the trend, rising 0.53% to $32.27.
On the miners Fortescue, hot on the heels of massive turnover yesterday, rose 1.52%, but Atlas Iron, whose shares are down at 20.5 cents, lost another cent, which at these levels is 4.65%. BHP was down 0.49% after a bad night in London, but Iluka Resources climbed 2.41% to $6.80.
There was no data flow in Australia of note today although Alexandra Heath, the RBA’s head of economic analysis, said in a speech that Chinese demand for resources will stay strong in the long run. She added that even though demand for steel is yet to peak the shift to consumption is underway.
On other markets the Aussie dollar was stronger at 0.8641 after its bounce last night and comments from Japanese Finance Minister Taro Aso that the Yen’s fall was “too rapid”.
And now the other top stories for the day.
- The Accounting software and cloud war is getting unseemly with claim and counter claim between industry leader MYOB, which is planning an IPO, and its usurper, Xero which claims MYOB is a little threatened by them.
- TD Securities reckon the world be very different in 2015 – here’s their outlook.
- Kurtley Beale is back for the Wallabies – we might be a chance. Go YOU GOOD THING!
And here is the very sad looking chart of the ASX recently – surely all the bad news is priced in?
Have a great week and go the Wallabies.
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