Daytrading March 29 afternoon

Thanks for stepping up this morning, Mitta. Shout out to 13nugget - rough run, here's to your bounce-back.


Half-time round-up:

The ASX extended its pre-Easter pullback, falling for a third day as concerns over bad debts continued to weigh on the big banks.

At 1pm EST the ASX 200 was 41 points or 0.8% weaker at 5043 after the financial sector declined 1.7%, health 1.5% and consumer staples 0.5%. Those declines outweighed shallow rises in energy +0.8%, gold +0.5% and metals and mining +0.5%. The index hit a three-week low at 5040.

"Traders and investors are continuing to sell down the banks on the back of last week's developments out of ANZ regarding an increase in bad and doubtful debts relating to mining exposure," Chris Conway, head of research at Australian Stock Report, told Fairfax. "This could become a bigger issue for the banks, and we wouldn't be surprised to see more announcements similar to that of ANZ, from the rest of the big four... If the banks continue to be sold down, then the ASX 200 is almost certainly headed back to the sub-5000 level."

Also weighing on the market was a modest decline in crude oil. West Texas Intermediate oil futures eased 23 cents or 0.58% this morning to US$39.16 a barrel. Gold futures were 50 cents or 0.4% firmer at US$1,222.50 an ounce. The dollar was buying 75.57 US cents.

China's Shanghai Composite faded 0.42%, Hong Kong's Hang Seng 0.31% and Japan's Nikkei 0.25%. Dow futures were recently ahead by 17 points or 0.1%.


Lacklustre return to trade after the four-day break. Probably not a big surprise, considering Wall Street went sideways for two sessions. The bank bad-debt problem may be overplayed but has been a gift to shorters. Trading: I should have twigged sooner that AUZ would run because it's the only damn thing today with a catalyst and any volume. Got something out of it despite turning up late to the party. SHV also gave a bounce opp from the $4.40s.