• Another great day was witnessed in the ASX200 today, with the broader market rallying 60 points higher (+1.2%) at 5,081.
• Economic data showed Australia’s trade deficit reported at -$2.937b, vs a consensus of -$3.2b. This lifted our Aussie battler to trade back to US73.12c.
• BHP followed on from the performance it had in the US overnight, rallying 3.1% higher to $17.25 as the risks of cost uncertainty with the Brazilian JV disaster was settled at a cost of US$2.3b.
• Banks rallied yet again, as the short squeeze in this sector looks apparent. National Australia Bank was the strongest of the big four, rallying 3.2% higher to $26.37. The strength in the GDP outshone the recent scary report of a potential property bubble and its implications.
• Focus in the US tonight will be in the jobless claims at 12.30am and their ISM non-manufacturing PMI data (2AM our time), where it is a leading indicator of economic health in regards to its business market conditions. Current consensus on the Markit PMI shows a level of 50, where anywhere 50 or above is a positive sign of where the US economy is currently tracking.
Best Sector –Materials
Worst Sector – Health Care
Winners
Sims Metal Management Ltd (SGM) +$0.89, or (+12.8%) to $7.87
Fortescue Metals Group Ltd (FMG) +$0.15, or (+6.7%) to $2.40
WorleyParsons Ltd (WOR) +$0.29, or (+5.7%) to $5.34
Origin Energy Ltd (ORG) +$0.25, or (+5.3%) to $4.96
Losers
Macquarie Group Ltd (MQG) -$1.19, or (-1.8%) to $65.44
Tatts Group Ltd (TTS) -$0.1, or (-2.7%) to $3.64
Sirtex Medical Ltd (SRX) -$0.98, or (-3.0%) to $31.90
Caltex Australia Ltd (CTX) -$1.57, or (-4.3%) to $34.75
All figures contained from sources believed to be accurate. MarketMatters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 03/03/2016. 4.40PM.
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