Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Local sharemarket emerges from doldrums with solid start

11:07 AEST, Thursday 6 February 2014

By Niall King (Sales Trader, CMC Markets)

Having been mired in the red recently, the local sharemarket has finally emerged from the doldrums posting a solid gain in the early stages of this morning’s session. Shunning uninspiring leads from overseas markets, the shift in the domestic interest rate outlook which soured sentiment among domestic investors looks to have dissipated. The major banks and miners have stolen an early march, driving the benchmark index north in what may be a search for value after days of selling.

Symptoms of unease that the major equity markets in the US have been displaying since the turn of the year were evident once more by fluctuations overnight. For the most part, a prosperous environment of generally robust corporate earnings and steadily improving economic fundamentals continues to prevail. However, given the volatile start to the year that markets have endured amid Fed tapering and emerging market jitters, investor hesitation in the short-term is understandable. Mediocre employment data from the world’s largest economy overnight was sufficient to reign in bullish activity, casting a cloud over the labour market environment ahead of the main payroll reading at the end of the week.

Having started the week firmly on the back-foot, conditions could conspire to see the Aussie dollar potentially end it by mounting what would have seemed an unlikely charge at US 90 cents. With the local Central Bank showing their hand to be decidedly less dovish than had previously been envisaged, long side appetite for the local unit has grown forcing positions to be shuffled.

Today’s headline acts on the economic data front that comes in the form of Retail Sales and the monthly Trade Balance data. Positive vibes here could add momentum behind the Aussie dollar’s mini-resurgence and could also help entice some nervous investors back into the equity market. Broader sentiment direction however may have to wait a little longer with pivotal announcements from the ECB and US non-farm payrolls among others, due in the next 48 hours.’

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news