MARKET COMMENT: S&P/ASX 200 +0.9% As Offshore Risks Fade; NAB Leads
March 05 2013 - 7:31PM
Dow Jones News
0001 GMT [Dow Jones] Australia's S&P/ASX 200 is up 0.9% at
5119.1 on broad-based gains after hitting a 4 1/2 year high of
5124.6 in response to an abatement of offshore risks overnight. NAB
(NAB.AU) leads banks with a 2.4% rise on reports of plans to cut
A$900 million in costs over five years. Nufarm (NUF.AU) bounces 10%
on broker upgrades. Among other standouts, Woodside (WPL.AU), News
Corp. (NWS.AU), Brambles (BXB.AU), Macquarie (MQG.AU) and Amcor
(AMC.AU) are up 1.3%-2.1%. BHP (BHP.AU) is up 1.1%, but miners are
undershooting offshore peers' gains. Fortescue (FMG.AU) is down
0.9% after reversing a 2% rise, with spot iron ore down 2.4%
overnight. "The market has some blue sky above the previous high of
5112.5," says IG market strategist Stan Shamu. "While the Dow Jones
Industrial Average has set record highs, we are around 34% from our
record high of 6851." Mr. Shamu says improving confidence in
China's ability to rebalance its economy and sustain a high level
of economic growth is the key factor for Australia. "China has
reinforced the fact they are focused on a 7.5% GDP target by
flagging a 10% rise in fiscal spending this year." The market
awaits domestic 4Q GDP data at 0030 GMT.
(david.rogers1@wsj.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
Nufarm (ASX:NUF)
Historical Stock Chart
From Jul 2024 to Aug 2024
Nufarm (ASX:NUF)
Historical Stock Chart
From Aug 2023 to Aug 2024