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Home » 2013 » May » 28 » Aust shares flat as Japan recovers losses
Aust shares flat as Japan recovers losses
Australian shares have opened flat as Japanese stocks recover from recent heavy losses.

With US markets closed on Monday night for the Memorial Day holiday, IG market strategist Chris Weston says traders are looking to Japan for guidance on Tuesday morning.

"Our market moves very much in tandem with overseas leads and Japan is the big market we look at during our time zone," he told AAP.

"And that market's had a massive reversal from the low today, so that's seeing very good buying coming through and our market will find some solace in that."

Tokyo's Nikkei index was up by just over one per cent in early trade, after a three per cent drop on Monday and a seven per cent plunge on Thursday.

Mr Weston said the Australian market was likely to post afternoon gains as traders bought in after recent losses.

"We're down five days in a row, something we haven't done since 2011, so a few brave buyers could come in," he said.

Most bank stocks opened firmer, with Commonwealth Bank adding 57 cents to $68.76, Westpac gaining 15 cents to $29.37 and ANZ putting on 17 cents to $28.02.

National Australia Bank, however, had lost one cent to $31.22.

Resources stocks were relatively flat, with Rio Tinto down one cent at $53.10 and BHP down 12 cents at $33.89.

Telstra was up three cents at $4.93.


* At 1030 AEST on Tuesday, the benchmark S&P/ASX200 index was up 10.2 points, or 0.21 per cent, at 4,970.1 points.

* The broader All Ordinaries index was up 11.4 points, or 0.23 per cent, at 4,950.

* On the ASX 24, the June share price index futures contract was 11 points stronger at 4,962 points with 6,888 contracts traded.

* National turnover was 272 million securities worth $437 million.

Views: 1054 | Added by: vladgon | Tags: Market, Australian, Stock, Bank, Index, share, Point | Rating: 0.0/0 |
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