Australian Stock Market Report – Afternoon 4-8-13

AFTERNOON REPORT
(4.30pm AEST)

Despite predictions of a flat to moderately lower day on the Australian share market, local stocks received a boost in afternoon trade on the back of gains on Japan's Nikkei Index. The Nikkei rose a further 3% today, after hitting five year highs on Friday, in response to aggressive stimulus announced late last week by the Bank of Japan.

It was the first time in four sessions the local market closed higher, after being down every day last week except the Tuesday after the Easter break.

Locally, financial stocks were firmer, with the exception of Macquarie Group (MQG) which closed down by 1.7% to $36.

Retailer Harvey Norman (HVN) traded without rights to its dividend today, its share price eased by 5.3% to $2.66. Yet most retail stocks were weaker, with David Jones (DJS) down 0.3% to $2.90 and JB Hi-Fi (JBH) lower by 0.8% to $15.12.

In economic data today, the number of job advertisements fell by 1.5% in March after rising by 3% in February.

According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol fell by 0.1 cents a litre to 143.8 c/l in the week to April 7. Pump prices have fallen around 8 cents a litre from highs whereas wholesale and regional prices have fallen over 9 cents. Petrol prices could fall another 2 cents over the next fortnight.

On the market overall, a total of 1.6 billion shares changed hands, worth $3.9 billion. 465 were up, 510 were down and 337 were unchanged.

The Australian dollar ended the day's session at US103.74c, £0.677 and €79.91c.

At 4.30pm AEST the SFE 200 Futures was at 4910, up 15pts.

Ahead tonight, US Federal Reserve Chairman Ben Bernanke delivers a speech.

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