Many thanks, morning-maestro Tweets. Half-time round-up:
Stocks meandered higher for a fourth session this morning despite a weak showing from most resource-sensitive sectors.
At lunchtime the ASX 200 was up 8 points or 0.17% at 4870 on gains in defensive sectors, industrial stocks +0.7%, energy +0.5% and IT +0.8%. The traditional twin drivers of the local market, mining and financials, were both unchanged after a low-volatility and generally directionless morning.
Economic news was slim but analysts warned of pressures on consumers as petrol hit a 16-month high and a report showed household finances creaking after several interest rate rises and soaring house prices.
Unleaded petrol has climbed 16 cents a litre to $1.38 since the end of February, according to a Fairfax report, and is expected to push higher after a price war between retailers ends.
CommSec analyst Savanth Sebastian told Fairfax: "There was a price war for a month and now... companies that were selling petrol below cost are now starting to inflate those margins to stay profitable."
Meanwhile, the Melbourne Institute's household financial conditions index fell 16.6% to 28.8 index points in the March quarter.
"The Reserve Bank is now in a difficult position," the Melbourne Institute's Ada Claus said in a statement this morning. "Rises in house prices and associated rises in consumer debt seem to warrant a swift tightening in monetary policy but if the tightening is too fast it may choke-off business investment that is only now starting to recover. This means that if the RBA gets policy wrong, Australia may experience a W-shaped recovery."
Asian markets were mostly higher. Japan's Nikkei rallied 0.74%, Shanghai 0.12% and Hong Kong's Hang Seng 0.14%. Dow futures were recently at +2.
Oil and gold both retreated this morning as the U.S. dollar index continued to rise. Crude oil futures dropped 9 cents to $81.91 a barrel. The spot gold price was $2.40 weaker at $1,123.70 an ounce.
Glad I made the weekly budget by Tuesday because pickings have been slim since then. These aimless, low-volatility sessions are killing me. Just one trade this morning - IPL off the low for beer money. Hope others are faring better.
- Forums
- ASX - Day Trading
- daytrades march 19 afternoon
daytrades march 19 afternoon
-
- There are more pages in this discussion • 157 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
SS1
SUN SILVER LIMITED
Gerard O'Donovan, Executive Director
Gerard O'Donovan
Executive Director
SPONSORED BY The Market Online