The Australian Share Market has opened the morning session marginally higher but lacking conviction

Quay Equities

The Australian Share Market has opened the morning session marginally higher but lacking conviction as a flat Wall Street lead and a lack of significant economic data having an effect on trade this morning. Given our outperformance to end last week the market needs some positive data to kick on forward and the lack of data is probably the catalyst keeping the index from breaking the major psychological level of 6000. Turnover was slightly higher than yesterday, with market turnover it lunch being $1.325 billion. This afternoon we might find some inspiration when the Chinese Manufacturing PMI data is released at 12:45 AEDT. Expectations is for the data to show an expansion to 50.5. In an early day releases we had the weekly ANZ-Roy Morgan confidence index rising 0.5% building slightly on the previous week. The data again still well off its highs from 6 months ago with no doubt still the political uncertainty in our country hold back the data from outperforming despite potentials for further interest rate cuts and further cuts in petrol prices. For the complete wrap please visit (VIEW LINK)

Quay Equities
Quay Equities

Quay Equities is a privately owned investment advisory firm independent of banks and brokers. This enables us to focus solely on our clients’ needs whilst providing conflict-free advice on Australian Shares. The team at Quay specialise in...


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