Markets in neutral as news dries up

By Trevor Hoey. Published at Mar 21, 2017, in Equities

With very little macro, political or significant company specific news occurring overnight most markets tended to track sideways.

The Dow only came off marginally to close at 20,905 points.

The NASDAQ was flat at 5901 points.

Even though the FTSE 100 only increased .07% to close at 7429 points this did represent an all-time closing high, part of an almost uninterrupted rally that commenced at the start of December when the index was hovering in the vicinity of 6700 points.

After coming under pressure early in the session, the FTSE 100 took some positive direction from the UK government’s announcement regarding the imminent commencement of Brexit procedures.

The moves were a little more pronounced in mainland Europe with the DAX and the Paris CAC 40 both falling 0.3% to close at 12,052 points and 5012 points respectively.

The oil price continues to hover in the vicinity of US$48 per barrel with last week’s negative supply demand data seemingly now absorbed.

Gold continues to find support, although it traded in a tight range last night before closing at US$1234 per ounce.

On the commodities front, iron ore came off nearly 1% to close at US$91.50 per tonne.

While all base metals lost ground, no significant declines were posted.

The Australian dollar continues to hang onto last week’s gains, hovering in the vicinity of US$0.77.

It should be noted that broker projections and price targets are only estimates and may not be met. Also, historical data in terms of earnings performance and/or share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Facebook
Twitter
LinkedIn