Quay Mid-Day Market Update

Despite a weak lead from Wall Street and record falls in spot Iron ore the Australian Share Market has had some surprising strength in the morning session. Futures market were very strong this morning despite entering the Easter break and the weakness on overseas markets, however the big banks led the market forward. Market Turnover into lunch was average at $1.402 billion. Given a lack of economic data out of Asia and the last day of trade before next Tuesday I expect a few profits to be taken in the afternoon for the market to finish flat. Across the market, the current yield play strategy was back in play with continued expectations that the RBA will cut rates when we resume normal trading on Tuesday. The big banks led by ANZ (+0.6%) and CBA (+0.71%) making solid gains. While on the RBA an interesting read with the TD Securities/Melbourne Institute.... For the entire wrap please visit (VIEW LINK)