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Midday Market Analysis: Soft Start To New Week

The Aussie market is firmly underwater today, with local stocks being sold off early in the new trading week.

The XJO is presently down 30 points (-0.6%), at 4380.

Most sectors are weaker, with materials, energy and consumer discretionary stocks the weakest links.

In company news, NWH has dropped 4.5% after BHP announced it will axe part of its $120 million contract at Port Headland.

Elsewhere, Nufarm is down 1.7% despite reporting an FY12 net profit after tax of $72.6 million a massive swing from net loss of $49.9 million it posted in FY11.

Around the region, Asian markets are all weaker; the Shanghai Composite is down 0.9%, whilst the Nikkei is down 0.7%.

 

Midday Market Analysis: Soft Start To New Week is a post from: Australian Stock Report Market Pulse Blog

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