Australian Stock Market Report – Afternoon 2/24/14
By Tom Piotrowski, CommSec Market Analyst | February 24, 2014 5:53 PM EST
It was always going to be a tall order for stocks to stay in positive territory today. US markets ended lower on Friday, albeit by a modest margin. Additionally there were several large stocks going ex-dividend, including Telstra (TLS), Woodside Petroleum (WPL), Suncorp (SUN) and Wesfarmers (WES). Given these influences the market acquitted itself reasonably well to finish largely unchanged on the session.
Traders work on the floor of the New York Stock Exchange (NYSE) just after the opening bell, October 10, 2013.
Another headwind working against the market today was the fall for Chinese stocks. The Shanghai Composite Index fell to the lowest levels in two weeks driven by re-newed concerns that banks will tighten property loans. This was despite figures that showed a moderation in home prices. Official China data showed that the average new home prices in 70 Chinese cities rose at a slower pace year-on-year in January. The moderation was the first in a year reflecting an easing in demand for homes and limits on mortgages capped price gains.
Monadelphous´s (MND) shares rose on news of a $680 million construction contract associated with the Ichthys gas project in Darwin. MND will install piping, mechanical and structural steel for the utility and offsite area commencing immediately with completion date of mid-2016. The project involves the piping of LNG from the Browse Basin off the Kimberley coast to Darwin for processing and export. MND shares finished up $1.08, or 6.5 per cent, at $17.66
A heavy loss has sent Boart Longyear (BLY) shares lower. The drilling group announced a net loss of $US620 million in 2013, down from a $US68 million profit in 2012. BLY didn´t provide earnings guidance for 2014, citing market uncertainty. BLY shares finished at 36 cents, a fall of 6.5 cents or 15 per cent.
In Europe tonight, the February German IFO survey (key monthly survey of the business climate in Germany) is released at 9am GMT. The IFO has historically had a strong correlation with moves in the German manufacturing PMI. The pullback in the German manufacturing PMI in February, means the market will be on guard for downside risks to the market consensus which could in turn put downward pressure on the Euro.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- South Australia OKs $800M Copper, Gold & Iron Ore Mine on Prime Agri Land in Yorke Peninsula
- Australian Stock Market Report –Midday July 30, 2014
- Shanghai Stock Exchange Will Not Extend Trading Hours
- Long Beach Real Estate Market Is Pricing Out Home Buyers with Limited Budget
- Australian Stock Market Report –Afternoon July 30, 2014
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Twin Malaysia Airlines MH370, MH17 Aviation Disasters Create Phobia Among Travellers