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Financials and Mining Sectors Reverse Downward Trend on ASX

Financials and Mining Sectors Reverse Downward Trend on ASX
May 12, 2015 By Simon Herrmann

The ASX was up 49.5pts, or 0.9 per cent, at 5674.7pts on Tuesday. After Australian shares dived five days in a row, it received a boost today as major sectors reported gains. The Financials sector was up .78 per cent and the Metals and Mining sector was up 1.69 per cent. Trading on the ASX was somewhat volatile in the morning, with shares initially moving into negative territory in the first hour of trading. Around noon, the ASX found its strength and continued a steady upward trend before retreating slightly in the last hour of trading. The Australian dollar ticked up slightly as investors wait for the Federal Budget to be released.

In the US, positive jobs data wasn’t enough to stop a selloff. The Dow Jones fell .47 per cent and the S&P 500 fell .51 per cent. There was also a selloff in Europe, with the DAX falling .31 per cent and the FTSE 100 falling .24 per cent. Asian stocks are mixed on Tuesday. The Nikkei 225 is down .11 per cent near the end of trading hours. The Hang Seng is down .34 per cent so far on Tuesday. However, the Shanghai Composite is up 1.08 per cent around 2:17pm in Shanghai.

CSR Group (ASX:CSR) was up 29c, or 7.73 per cent, at $4.04 per share. The company reported a 43 per cent increase in half-year profits on Tuesday.

Qantas Airways (ASX:QAN) was up 24c, or 7.23 per cent, at $3.56 per share. Shares of the airline company have soared to seven-year highs as the company’s CEO praised the improvements to operational efficiencies.

Orica Limited (ASX:ORI) was up 70c, or 3.47 per cent, at $20.89 per share. Despite posting a 3.3 fall in half-year profits, shares of the company have risen on Tuesday.

Transpacific Industries (ASX:TPI) was up 7.5c, or 9.62 per cent, at 70.5c per share. Shares of the company have fallen significantly after CEO Bob Boucher suddenly stepped down from his position. 

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Simon Herrmann Author: Simon Herrmann May 12, 2015

Simon is a financial analyst at independent research firm Wise-owl who wants to change the world by disrupting the cliché approach to investment decision making with convergent thinking. Wise-owl’s goal is plain and simple: Find the best opportunities for our members by following a proven methodology and to create long-term value through high-quality advice, innovation, technology and education. We combine industry experience and the agile mentality of a start-up. Wise-owl is the future of stock market investing.

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