Chinese 4th quarter GDP figures and positive economic data out of the US were enough to continue the push forward on the S&P/ASX 200, with the local index rising a handy 14.5 points or 0.31% to 4771.2 on strong volume of $5.4 billion.
With US housing recovering and Chinese year on year GDP coming in at 7.9% versus an expected 7.8%, you’d begin thinking we are in the midst of a strong bull market and the chart below certainly confirms the positive sentiment. Rio Tinto hit the news today writing down its aluminium and coal mining assets to the tune of $14 billion.
Basic Materials sector lead the way, up 0.8% with Industrials closely following at 0.65% whilst Consumer Services and Technology were the only sectors in the red, falling 0.38% and 0.29% respectively.
An inside day dominates the chart today as our market fell away continually from the open after a nice spike up from overnight trading. Sentiment is congruent with market action with many forces lining up, allowing a picture perfect uptrend to continue.
S&P/ASX 200 Gainers and Losers
St Barbara (SBM:ASX) was the standout performer today up a modest 5.07% with a range of resource stocks hitting the top of the ASX leader board. Oz Minerals (OZL:ASX) and Mesoblast (MSB:ASX) were up 4.47% and 4.22% but their charts point to a slow climb back from significant downtrends, rather than blue sky territory.
Whilst many resource stocks rose in value, Gryphon Minerals (GRY:ASX) headed south, falling 6.96% as it continues it long term downtrend and approaches support at the $0.50 mark. Ten Network was also one of the top losers on the day, falling 5.97%, giving back much of last week’s gains.
Your daily ASX market update comes from Ashley Jessen, Director of Capital CFDs
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