Australian Investment Blog

• The Australian turned in on itself today, showing yet again what was wanted yesterday, is not necessarily wanted today. The ASX finished down 19 points (-0.3%) to 5696, with weakness in the Materials and Health Sectors.• Resmed (RMD) surely took a hit, following its tumble in US trade, ending $1.52 lower (-18.4%) at $6.73.• The Materials was one of the worst sectors with BHP Billiton (BHP) down 53c (-1.6%) to $31.97, RIO Tinto (RIO) down $1.32 (-2.2%) to $57.70. Fortescue Metal (FMG) fell a hefty 8% to $2.31.• The Retail Sector was weaker with individual stocks having a mixed day. One of yesterday's favourites, Myer (MYR) was down 2.6% to $1.515, but JB Hi-Fi (JBH) managed to finish better, up 16c (0.8%) to $21.06. The question will be whether yesterday's improvement was just a Budget Day wonder or not.• Drought conditions in areas of Queensland saw Grain Corp (GNC) farms and lower export in grains led its stock to close 25c (-2.5%) lower at $9.86. Some analysts are now starting to factor a drop in production should the weather continue to worsen.• Qantas (QAN) had another high flying day (excuse the pun), with the stock well sort after with further analysis of their results showing they should beat expectations for the full year. The stock finished up 10c (2.8%) to $3.68.