Australian Stock Market Report – Afternoon 4-29-13

AFTERNOON REPORT
(4.40pm AEST)

It was a solid start to the trading week with financial stocks driving the gains. After rising by 3.2 per cent over the course of the shortened trading week last week, local stocks added 0.5 per cent today. The All Ordinaries Index (XAO) finished the day's trade at 5,108.3pts.

Westpac (WBC) was the strongest out of the big four, rising by 1.7 per cent to $33.12. The National Australia Bank (NAB) added 1.4 per cent to $33.08.

Mining stocks weren't as strong. Shares in BHP Billiton (BHP) closed lower by 0.1 per cent to $32.54 while Rio Tinto (RIO) was down 0.8 per cent.

Qantas (QAN) was the best performing stock in the ASX Top 50, rising by 2.5 per cent to $1.85.

Retailers Kathmandu (KMD) and JB Hi-Fi (JBH) shed 3 per cent each.

According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 3.6 cents a litre to 137.9 cents per litre in the week to April 28, an 8-month low.

In other news today, the Federal Government looks set to post a larger than previously expected deficit after a $12 billion shortfall in revenue since October 2012. An underlying Federal Budget deficit between $10-15 billion looks likely for FY12/13.

On the market overall, a total of 1.3 billion shares were traded, worth $3.1 billion. 480 were up, 489 were down and 313 were unchanged.

At 4.30pm AEST the SFE 200 Futures contract was at 5129, up 22 points.

Ahead in the US tonight, personal income and spending data are released together with pending home sales, the Midwest manufacturing survey and Dallas Federal Reserve business index.

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