Quay Mid-Day Market Update

The Australian Share Market opening the day with a strong rally which was led by rallies overnight in Crude Oil and Iron Ore. With Wall Street having a flat session it was all about commodities today.Market Turnover on the day was exaggerated due to options expiry. Turnover into lunch was $3.255 billion. The market has run very hard this morning and with a very quiet day of economic releases in the Asia pacific region I expect some profit taking in the afternoon session with the market finishing up around 45 to 50 points. Around the market it was definitely a day to be a commodity related stock with the resource, energy and gold sector outperforming across the board. Resource stocks continuing its momentum from yesterday. BHP (+2.45%), Rio Tinto (+2.24%) and Fortescue (+5.26%) all having strong days. While the sector had better news yesterday, you do get the feeling a lot of today’s trade could be short covering.... For the entire wrap please visit (VIEW LINK)