MARKET COMMENT: S&P/ASX 200 Down 0.3% On Commodity Prices, Ex-Divs
04 March 2013 - 8:50PM
Dow Jones News
2340 GMT [Dow Jones] Australia's S&P/ASX 200 is down 0.3% as
resources stocks including BHP (BHP.AU), Rio Tinto (RIO.AU),
Fortescue (FMG.AU) and Oil Search (OSH.AU) are down 1.2%-2.7% on
commodity weakness and with ex-dividend falls Monday worth about 11
index points. Strength in high-yield and defensive stocks is
limiting the decline, with ANZ (ANZ.AU), NAB (NAB.AU), Wesfarmers
(WES.AU), CSL (CSL.AU), Westfield (WDC.AU), QBE (QBE.AU), Macquarie
(MQG.AU) and Goodman Group (GMG.AU) up 0.4%-1.1%. "Investors are
now likely to stand back and assess the extent of any impact that
fiscal tightening in the U.S. and the Italian election result have
on world economic growth over coming months," says CMC Markets
chief market analyst Ric Spooner. He expects the Reserve Bank of
Australia to be in a wait-and-see mode, leaving interest rates
unchanged at Tuesday's board meeting. On a technical basis, CMC's
Mr. Spooner cautions that the S&P/ASX 200 is in the early
stages of a possible double top pattern.
(david.rogers1@wsj.com)
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