Market Update: Despite European shares rallying to a fresh five and a half year high and the S&P500 and Nasdaq posting gains overnight, the S&P/ASX200 was...

Bell Potter

Stockbroker

Market Update: Despite European shares rallying to a fresh five and a half year high and the S&P500 and Nasdaq posting gains overnight, the S&P/ASX200 was 0.8% lower at 12.30pm today. The mining sector contributed to the market's poor performance today after BHP released its quarterly production report, which was below market expectations. BHP was down 1.9% while RIO fell 1.8%. Medusa Mining dropped 4.3% after the company ceased all mining activities at its goldmine in the Philippines due to flooding and landslides. CPI headline rate rose 0.8% in the December quarter (vs market forecast of 0.4%). This highlights the risk that the next RBA move will be an increase in the cash rate. The Australian dollar rose on the back of CPI data and is currently at US$0.8859. The SPI was down 0.6% at 5,258 points on the Sydney Futures Exchange.


Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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