ASX Ends Higher:

The Australian stock markets are trading higher and this rally has come from the mid day session of today’s trade. This index has rallied hard after it broke its important resistance level of 4600, few weeks back. Most of the analysts have given a target of around 4740 for the index and this index has touched that levels in yesterday’s session.

The Australian stock markets will most probably, consolidate for few days and then take a call according to the Australian data and earnings going forward. Juliette Saly, CommSec market analyst, said, “Everyone else got on board with what that data revealed and what it meant for a bit of a better outlook for China.”

The analyst feels that this Chinese manufacturing data has been in revival and that is helping the ASX as well as the world markets to move higher.

Technical Analysis:

The index has broke out of a long term resistance level in the recent past and from that point, the index has been trading higher and making new highs since then. The markets are in a clear uptrend but they are presently trading in a over bought position. So, most of the traders are waiting for some sort of consolidation to happen.

Most of the analysts are also expecting the same for the Australian stock market. The ASX has out performed most of the world markets in the past year and it will continue to out perform in this first quarter, too, say most of the analysts about the ASX.

Stocks to watch out for:

Austra land is in the news today after the main stake holder in the company, Capita land is trying to review its investment in the company and restructure the balance sheet of the company.

The company has been facing debt issues and other balance sheet related problems form the past one year and that is the reason Capita land is reviewing its investment. The stock is up nearly 1 percent and is trading at 3.47 dollars per share, last time we checked.

Mac mahon Holdings is also in the mews today after an Indian based company has come forward to buy the company’s construction business for over more than 5 million dollars.

This rate is higher than the current take over agreement proposed by the company. The company has been facing issues with its construction business and the company has been trying to sell this business for over a year. The stock was up nearly 3 percent and was trading at 28 cents, last time we checked.

News corporation has been in the news since the past few days and this is on the back of reports that a major Australian fund may sell the holdings it has in this company because they feel that Rupert Murdoch, who has been the President of the company can’t continue as the chief executive and the chairman of the company. The stock was trading up 1 percent, at 25.73 dollars per share.

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Category: Finances
Keywords: Dow Jones, Boeing, Debt, Planes, ASX, Herbalife, ALcoa