Quay Mid-Day Market Update
The Australian Share Market has kicked off the week deep in the red with a combination of factors combining to see stocks lower. The biggest driver in today’s trade was the continued commodity market volatility with Crude Oil, Iron Ore, and Copper and gold all in falls on Friday it was never going to be a great day. Add to this the continuing lack of economic data releases and a sluggish Wall Street session and it was no surprise to see the market struggling.Market Turnover into lunch was very strong at $6.401 billion, but this includes Chevrons 50% sale of its Caltex shares. This afternoon the market is likely to continue to be cautious with again no driver in today’s session. Ahead of the RBA rates decision next week it will be interesting to see if we see some bargain hunting this afternoon, any interest in the big banks could be a potential driver of any afternoon gains. Across the market ... for the entire wrap please visit (VIEW LINK)
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