Quay Mid-Day Market Update
The Australian Share market in a very flat start to the day, the market struggling to break in either direction, with the market digesting a sluggish Wall Street lead and reports that the world largest Iron ore producer Vale is considering temporarily reducing supply which boosted sentiment in the resource sector. Considering the market talk all about the RBA on Tuesday, it was no surprise to see the market trade in this fashion today. Market Turnover into lunch was $1.540 billion. I have noticed some big bids on the market for Westpac this morning, we may see some action in the banks this afternoon ahead of two important events. 1. Westpac kicking off reporting season on Monday, it has been interesting to see the broker downgrades to earnings this week. Expectations are actually getting quite low so outperforming reports could spark some interest back in the sector particularly with their dividend period only around the corner. Secondly we have the RBA on Tuesday, which is still very much 50/50.... For the entire wrap please visit (VIEW LINK)
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