Thanks Mitta and morning regulars.
Half-time round-up:
The share market shook off a mid-session fade to advance towards a fourth day of gains as strength in resource stocks offset profit-taking after a 377-point market reversal since Tuesday.
At 1pm EST the ASX 200 was trading 34 points or 0.7% ahead at 5268 after earlier rising as high as 5305. The index will break a three-week losing run if it closes above 5215 tonight. Gains in resource stock were partly offset by declines in defensive sectors. The metals & mining sector rallied 4.6%, materials 3.4%, energy 3.4% and gold 2%. Bringing up the rear were telecoms -0.8%, utilities -0.4% and property trusts -0.5%.
Asian markets extended yesterday's gains even as US equity futures soured. China's Shanghai Composite improved 2.33%, Hong Kong's Hang Seng 0.43% and Japan's Nikkei 2.72%. Dow futures were recently off 64 points or 0.4%.
“We seem to have gained some sort of stability and people are focusing more on the underlying strength of the US economy,” Chris Green, director of economics and strategy at First NZ Capital, told Bloomberg. Last night's US GDP report “gave credence to the story that the US economy could be building momentum. In the world we’re looking at now, that is of some comfort.”
Crude oil futures surged another 48 cents this morning to US$43.04 a barrel. Spot gold firmed $7 to US$1,129.60 an ounce. The dollar was buying 71.82 US cents.
First signs of bounce fatigue this morning? Scarcely surprising considering the scale of the rebound since Monday. Weak US futures are not helping. We've moved a long way to end the week 40-50 points off where we started it. Trading: poor conditions for swing set-ups. The index faded for most of the morning and any pullbacks were towards the middle of recent trading ranges. Patience, laddie, patience. Scalped a few peanuts out of RED but couldn't get enough shares to make it count. Took a bit more from the partial rebound in QAN, but overall it has been a subsistence session for me.
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Thanks Mitta and morning regulars. Half-time round-up: The share...
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