Market Update: The S&P/ASX 200 was up 0.4% at 5,372 points, supporting by financials with all the major banks moving higher between 0.9% and 1.3%

Bell Potter

Market Update: The S&P/ASX 200 was up 0.4% at 5,372 points, supporting by financials with all the major banks moving higher between 0.9% and 1.3%. BHP and RIO were down 0.1% and 0.5% respectively. Gold stocks were higher as the yellow metal slightly rebounded last night. St. Barbara jumped 7.0% and Perseus Mining rose 5.5%. The AUD bounced off yesterday's low of US$0.9120 to be US$0.9194 after RBA deputy governor Dr. Philip Lowe stated in his speech in Sydney this morning that the threshold for the RBA intervening in the FX market was high. The market had been factoring in an increasing chance of intervention after RBA governor Glenn Stevens indicated the high A$ was a drag on the non-mining parts of the economy. The SPI was up 0.2% at 5,385 points on the Sydney Futures Exchange.


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