Market At A Six-Month Low

17 March 2011 - Which Way To Pay

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Market At A Six-Month Low


The Australian share market was recorded at a six month low following on from instabilities after Japanís earthquake and tsunami natural disasters. The situation appears to worsen each day as it turns into both a humanitarian and economic disaster.

Market analysts were deeply concerned over the worldís third largest economy and this caution was reflected in the market as shares were sold off rapidly.  Thursday saw the market end at a 6 month low, even after it managed to regain some of the losses on Thursday.

The benchmark SP/ASX200 index closed 2.9 points lower at 4555.3 and the broader All Ordinaries index was 5.6 points down at 4638.4.

On the ASX 24, the share price for June index futures contract was 28 points lower at 4556, with 57,809 contracts traded at 1634 AEDT.

Austock Securities senior client advisor, Michael Hefferman comments,

'The natural disaster has some positives down the track, which should be beneficial for stocks like BHP and Rio supplying materials Japan is going to need to rebuild.

'One of the standouts today was Telstra, who were up two per cent ... it is paying a dividend of over 10 per cent fully franked and some people have seen in the whites of their eyes excellent dividend return on limited risk.'

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