XJO Weekly close January 11, 2013
Trading for blondes
Well week two of our new year wasn’t quite as cheerful as week one , despite the DOW giving us a nice lead in on thursday night. Friday the XJO lost 13 points and the XJO weekly close was down by 14 points, closing at 4,710. Bears may have snuck in to the trading room but I think the bulls are still at the desks!
The DOW is still looking good at 13,488 , up 53 points this week.
National Australia Bank (NAB) cut its forecasts for Australian growth, and expects unemployment to rise to around 5.75 per cent this year and they’ve predicted the Central Bank will cut rates by more than previously thought in 2013.They expect the RBA [Reserve Bank of Australia] will start to cut rates in March and shave about 75 basis points off the key cash rate over 2013. NAB was among the winners on Friday closing at $25.57, up 14c.
Online job ad company SEEK (SEK) also had a good day, closing up over 5 per cent higher at $7.65. Its increasing its stake in a Chinese employment website called Zhaopin Limited. Zhaopin is 15 per cent owned by James Packer’s Consolidated Press Holdings and SEEK plans increase its interest to 72.3 per cent.
The best performing stock was Mesoblast (MSB) rising over 9% and closing at $5.74.
The worst performing stock was Sydney Airport (SYD) falling over 5% to close at $3.08
Gold is around US$1673 an ounce, up $24 over the week.
The Aussie dollar had another good week and ended up at $1.058.