article 3 months old

Australian Stocks: What Happened Today?

Australia | Mar 08 2013

This story features FLINDERS MINES LIMITED, and other companies. For more info SHARE ANALYSIS: FMS

Download related file: afternoon_report_2013-03-08

The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research

Asian markets surge on data out of China, Japan

Asian markets rallied today as China said its exports surged 21.8% in the year to February, beating analysts’ estimates, and revised data showed Japan’s economy emerged from recession in the fourth quarter. China’s trade surplus narrowed from US$29.2 billion to US$15.3Bn, but did not fall into deficit, as expected, thanks to imports falling 15.2%.

In a month shortened by China’s week-long Lunar New Year holiday, shipments of iron ore fell 14% to a four-month low of 56.4 million tonnes (Mt). Iron ore imports were down 16.2% from a year earlier, while imports for Jan and Feb, which should theoretically erase the new year effect, were down 1.5% over 12 months.

Flinders Mines ((FMS)), Northern Iron ((NFE)) and Grange Resources ((GGR)) all closed down at least 3.8%. Fortescue Metals Group ((FMG)) and Rio Tinto ((RIO)), however, Australia’s third and second-largest iron ore producers, both closed in positive territory today.
 

To read today's report in PDF in full, see link at the top of this story.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)

Analyst Certification: Any views expressed in this research report by Seismic Research Solutions Pty Ltd (‘Seismic Research’) accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research report receives compensation based on overall revenues of Seismic Research and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Disclaimer: This document is intended solely for informational purposes and solely for the particular person to whom it was provided by Seismic Research Solutions Pty Ltd (‘Seismic Research’, ABN: 96 143 340 194). This document should not be relied upon by any other person. All statements contained herein are subject to change without notice. This document is not an offer to buy or sell any financial instruments. This document contains general advice only. In preparing this document, Seismic Research has not taken into account any recipient’s investment objectives, financial situation or particular needs of the reader. Seismic Research is not acting as advisor or fiduciary in providing this document, the reader should not make an investment decision on the basis of this document. Although we believe that the information this document contains is accurate and reliable, Seismic Research has not independently verified the information contained in this document, which is derived from publicly available sources. Seismic Research is an Authorised Representative of an Australian Financial Services Licence holder (AFSL: 338 943). Authorised Representative number: 389 109.

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.

Share on FacebookTweet about this on TwitterShare on LinkedIn

Click to view our Glossary of Financial Terms

CHARTS

FMS RIO

For more info SHARE ANALYSIS: FMS - FLINDERS MINES LIMITED

For more info SHARE ANALYSIS: RIO - RIO TINTO LIMITED