Quay Mid-Day Market Update
The Australian Share Market opening with a gain after 3 days of heavy losses with a rebound in the financial sector lead by impressive numbers from Macquarie shifting sentiment back to positive to end the week. Market Turnover into lunch was $1.745 billion. There has been a noticeable pickup in turnover this week, however it has been the busiest week in recent times given the banks reporting, the RBA and the macro events around the world. The market could have been even higher had ANZ not been ex-dividend while the market also waited patiently for the RBA’s statement of monetary policy, while also China had Trade data due which after some soft manufacturing data out recent weeks could set direction in the afternoon. Macquarie Group posting impressive numbers this morning, with a 27% increase in full year profit to $1.604 billion well ahead of conservative projections of 10-20% growth forecast back in February.... For the entire wrap please visit (VIEW LINK)
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