MARKET COMMENT: S&P/ASX 200 May Rise After Breaking Resistance
February 14 2013 - 6:28PM
Dow Jones News
2257 GMT [Dow Jones] Australia's S&P/ASX 200 may rise
further Friday after breaking major technical resistance from the
April 2010 peak at 5025.1 yesterday. On a technical basis, the
psychological 5000 level could now support the market for a test of
the next resistance level at 5177. ANZ (ANZ.AU) shares may weaken
after its 1Q trading update revealed downward pressure on deposit
margins, and weaker income growth than NAB (NAB.AU) and CBA
(CBA.AU). Investors could switch to CBA (CBA.AU) and Telstra
(TLS.AU) before they go ex-dividend on Monday. BHP (BHP.AU) ADR's
fell 0.5% to A$38.72, but BHP broke resistance at A$38.25
yesterday. Rio Tinto (RIO.AU) is poised to break equivalent
resistance at A$72.30. On the offshore front, European GDP data
disappointed the market, with Eurozone 4Q GDP down the most in
nearly 4 years. Wall Street appeared to look through the European
GDP data, helped by lower than expected jobless claims, and
Berkshire Hathaway's US$23 billion purchase of Heinz. S&P/ASX
200 last 5036.9. (david.rogers1@wsj.com)
-Write to the Sydney newsroom at djnews.sydney@dowjones.com
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