ASX Rises Half A Percent:

The Australian stock market is maintaining its positive streak and is moving higher and higher. After breaking the 4600 mark in the recent past, most of the analysts said that the markets are headed for the 4750 and then, 4800 levels. Both the levels have been crossed and the markets are still looking good for some more 50 points on the up side.

Some of the analysts argue that the markets are most likely to consolidate around these 4800 levels as the markets have run up quite a bit in such a small time. The markets are most likely to come down to 4800 levels and consolidate at this level before showing another sign of up ward momentum.

Stan Shamu, IG Markets analyst, said, “It\’s all been about the defensive names, particularly the yield plays in the banking sector. With downward pressure in interest rates everyone continues to chase that yield play.”

Technical Analysis:

Technically, the markets are likely to move lower as most of the indicators are showing signs of reversal in the index. Most of the indicators are also showing over bought signals and this would make most of the technical analysts to sell and the markets would come down. The data coming out of the United States should be watched quite carefully as that would decide the movement of the ASX in the coming days.

Stocks to watch out for:

Australian Agricultural company is in the news today after the company said that it’s chief financial officer has resigned yesterday on the back of some conflicts with the company. The shares of the company are trading firm at 1.165 dollars per share after this news.

Atlas Iron is also in the news today after the company released its earnings for the fourth quarter yesterday. The company’s results were ahead of street expectations and the made the share price of the company to move higher by 0.3 percent. The shares of the company were trading at $1.575, last time we checked. The company is shipping more lower grade iron ore in this quarter and that helped the company to post good results in this quarter.

A subsidiary of Leighton Holdings, Thiess, has won a contract with a company called Sydney Water and that has made the share price of Leighton Holdings to rise by around 5 percent. The size of the contract is 175 million dollars. The stock price of the company was last trading at 20 dollars per share.

Res med Inc is also in the news today after the company released its earnings today. The company posted good numbers which were ahead of street expectations on all fronts. The stock price rose by around 5 percent, last time we checked. The company said that its net profit for the December quarter rose by 24 percent and it stood at 77.9 million U S Dollars.

White Haven Coal has won a pending approval for its expansion project in New South Wales. The government has approved its Tarrawongs Coal mine project and surprisingly, this news didn\’t move the stock price. The stock is trading flat at 3.50 dollars per share.

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Category: Finances
Keywords: Dow Jones, United States, ASX, Dollar index, Brent Oil, Gold, RIM, P&G, Earnings