MARKET TALK: S&P/ASX 200 Up 0.2%; Banks Offset Miners

13th Jul 2010 01:44

0044 GMT [Dow Jones] S&P/ASX 200 up 0.2% at 4420.3, hits 11-day high of 4429.1 as strength in financials and most other sectors offsets the weakness in materials inherited from Wall Street. Major banks up 0.6%-1.7%, while BHP (BHP.AU) down 1.5%, Rio Tinto (RIO.AU) down 1.9%, Fortescue (FMG.AU) down 2.5%. But Alcoa World Alumina & Chemicals partner Alumina Ltd. (AWC.AU) is up 2.0% after Alcoa beat revenue expectations, while lifting its global alumina demand forecast. Energy Resources (ERA.AU) down 1.9% on 2Q production fall, FY10 production guidance cut. Woodside (WPL.AU) up 1.5%, Santos (STO.AU) down 0.5% after Southern Cross Equities recommended switch to Woodside. "It's very quiet domestically because we're in the reporting season black out period and school holidays in New South Wales," says BBY Senior Institutional Trader Peter Copeland. "I think people have largely set their portfolios before earnings period. Alcoa's results could help Wall Street tonight but you've still got the backdrop of weak economic data and European sovereign debt concerns." Index is close to testing 50-day moving average resistance at 4433.0. Equivalent resistance line capped the DJIA last night. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 12, 2010 20:44 ET (00:44 GMT)