Quay Mid-Day Market Update

The Australian Share Market has kicked off the week in positive territory with a good Wall Street lead combining with the continued rally in Iron Ore to send local stocks higher. Market Turnover into lunch was $1.363 billion, with turnover still struggling since the week before Easter. The market may struggle to hold its strength into the afternoon. Given the huge outperformance on Friday and no economic data due in the Asian Pacific region, I’m expecting a few profits to be taken this afternoon. An interesting week ahead with the Fed Reserve, Bank of Japan and central banks in New Zealand & Taiwan also holding meetings. Locally RBA chief Glenn Stevens speaking tomorrow, which will be very closely viewed. Around the market, it was no surprise to see where the market strength was coming from. The resource sector leading the way on the back of continued rally of Iron Ore which capped 7 straight gaining session... For the entire wrap please visit (VIEW LINK)


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