The Australian Share Market is deep in the red to start the trading week, after its significant outperformance in February today marks the first day of heavy...

The Australian Share Market is deep in the red to start the trading week, after its significant outperformance in February today marks the first day of heavy selling after seeing minimal losses over the past two weeks. With Wall Street falling on Friday evening on the back of good news being bad news as the U.S economy adding 295,000 jobs pointing to speculation that the Fed Reserve will hike interest rates sooner rather than later, however closer analysis did reveal wage growth only rising 0.1% below expectations, so something to consider against the noted headlines. Market Turnover on the day was $1.340 billion. It was hard to find many large caps in the black, I think the heavy selling has set in for the day and the market likely to drift sideways this afternoon. Volume could also drift lower with public holidays in Canberra, South Australian & Tasmania. Also in the region there is no economic data due for release this afternoon. Market weakness came from the obvious area of the resource sector. Read the rest of the wrap at (VIEW LINK)