ASX Ends Flat:

The Australian share market closed flat at that 4780 level after touching the 4800 mark which is a level which the markets haven’t seen in quite a while. The ASX has been outperforming the rest of the world markets from the past few months. In fact, the ASX was one of the first to break out and start rallying in the past few months.

This outperformance is backed by a strong economic situation in Australia. All the major data like manufacturing, pay rolls, jobless claims, etc. has been good and that is one of the reasons why this market is rallying hard. The focus has shifted towards the Asian markets as there is much news flow in those parts of the globe.

The Asian markets have been trading weak this week and many investors seem to be pessimistic about the Bank of Japan’s move regarding the interest rates.

Salabia Peter, an equity trading director at a foreign brokerage, said, “Upon closer review, the Bank of Japan\’s plan had already been so well telegraphed into the market that \’merely meeting expectations\’ did not cut it for investors.”

He feels that this move will not be able to bring any cheer in to the Asian equities. He also added, “In the end, while the yen weakening over the last two months has been nice to see – and especially welcome for exporters\’ margins – key US and European growth needs to return to help corporate fundamentals to improve.”

Technical Analysis:

Technically, the markets need to consolidate a bit as they have been rallying hard from the levels of around 4600 to 4800. So, most of the analysts feel that profit booking is expected and a slight dip in the index cannot be ruled out. 4740 will act as a strong support for the index going forward.

The most important thing about the Australian markets is that the markets are digesting any bit of bad news and are being resilient to it. On the other hand, any good news is continuing to be a positive trigger for the markets and they are rallying on the back of this news.

Stocks to watch out for:

Gud Holdings Ltd is in the news today after the company’s management said that the company’s financial statement is better than most of its peers and is one of the best company in terms of financial numbers. This household appliances and cleaning products supplier is trading down around 2 percent on the back of this news.

Mirabela Nickel is also in the news today after the company is looking to raise its production in the range of 22000 to 24000 tonnes in this current fiscal year. This company has been facing problems along with most of the metal companies in Australia in the past few months. Surprisingly, the stock is trading down around 3.5 percent at 53 cents, last time we checked.

National Australia Bank fell sharply yesterday after Santander bank said that it was not interested to buy stake in NAB. The shares of the company were trading down around 1 percent at 26.59 dollars.

I hope you enjoyed our article, \’ASX Ends Flat\’.

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Category: Finances
Keywords: Dow Jones, United States, ASX, Dollar index, Brent Oil, Gold, Verizon, Asian markets, Earnings