Aussie Market Focus, Feb 1, 2013

English: National Australia Bank, Docklands, M...

English: National Australia Bank, Docklands, Melbourne Office. Taken by Anthony Agius. Category:Images of buildings and structures in Melbourne (Photo credit: Wikipedia)

 

XJO Weekly Close February 1, 2013

 

 

 

Well after 10 days in a row of higher closes we had just a little dip on Thursday then straight back up again! Friday saw a rise of 42 points bringing the XJO weekly close up by 44 points, closing at 4,921.

The DOW had another good week running up 113 to close at 14,009.

 

asxwomanCMC Markets chief strategist Michael McCarthy said local investors were feeling more optimistic after a strong earnings season in the US. “We’ve had a much more positive season in the US and that I think has got local investors more optimistic about the earnings outlook,” he said.”We’ve also got a lot of people who are more overweight (in) cash and they’ve seen their neighbours earn a lot on the market and they’re getting a bit nervous about not being in it.” He said local investors were also turning to high-yielding stocks, with financials, telcos and consumer discretionary shares leading the charge.

The four major banks all closed higher. National Australia Bank soared 64 cents to $28.00, Westpac jumped 26 cents to $28.30, Commonwealth Bank surged 60 cents to $65.05 and ANZ gained 16 cents to $26.74. Telstra gained five cents to $4.65. The mining giants also all gained. BHP Billiton closed 44 cents higher to $37.92, Rio Tinto jumped 84 cents to $67.20 and Fortescue added 11 cents $4.79.(Read more:www.news.com.au)

 

The best performing stock was Independence Group (IGO), rising 7.5 % to close at $4.73.

The worst performing stock was Drillsearch Energy (DLS), dropping over 5% to close at $1.26.

Gold is around US$1661 an ounce, down $6 over the week.

The Aussie dollar has slipped further this week to $1.039.

 

 



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