Essay About Benchmark S&P And Previous Session

Australian Stock Market Performance
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SYDNEY, May 18 – Australian shares fell 0.8 percent
on Friday, losing steam after a record close in the previous
session, with the top miners leading declines following a slide
in base metal prices.
Losses in Boom Logistics Ltd. and
telecoms firm Telstra Corp. Ltd. , following analysts
ratings upgrades, also dragged down the broader market.
The benchmark S&P/ASX 200 index lost 53.4 points to
6,312.5, based on the latest available data, easing from a record
closing high of 6,369.9 in the previous session.
Decliners outpaced advancers 1,104 to 883, while 437 issues
were unchanged. The index inched up 0.2 percent on the week.
“I suspect the market was driven (lower) by investor fatigue
and profit taking in the resources sector today as investors
reacted to continuing hefty falls for uranium prices
overnight,” said Guy Hutchings, chief investment officer at MFS
Investment Management Ltd.
Still, analysts said resource stocks look well supported on a
solid outlook for commodities demand, while healthy company
earnings and strong liquidity flows will continue to shore up the
overall market.
“Theres nothing in the broader global environment to suggest
that equity markets are going to fall over,” said Simon Doyle,
head of strategy at Schroder Investment Management.
“So thats a cocktail of good growth, okay valuations and
reasonable profit momentum. Theres also lots of liquidity in the
global financial system that is looking for a home,” he said.
The worlds top miners led losses in Australia after signs of
oversupply in Korea sent copper prices tumbling on Thursday
BHP Billiton Ltd. lost 2.5 percent to A$30.71 while
Fortescue Metals Group. , which has seen its share price
surge on takeover speculation, fell 7.9 percent to A$34.45.