Market Update: Despite a retreat in the US equity markets last Friday night due to IMF downgraded US growth outlook, the S&P/ASX 200 opened lower but came back up to be flat at 4,789 points on the back of the strength in financials. The banks sector bounced back from intra day lows and turned positive to be up 1.0% with all major banks up between 1.0% to 1.9%. LLC slumped 7.6% after profit downgrade. Resources were weak as news on China tightening liquidity and a failed bond auction weigh, both BHP and RIO were down 1.4%, FMG was lower by 2.0%. The A$ is trading at US$0.9608. The SPI is up 0.1% at 4,790 on the Sydney Futures Exchange.
Posted on: Mon, 17 Jun 2013 02:44:14 +0000
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