MARKET TALK: S&P/ASX 200 Up 0.3% Despite US Futures Fall

20th Jul 2010 01:42

0042 GMT [Dow Jones] S&P/ASX 200 up 0.3% at 4372, despite 0.5% fall in DJIA futures and 1.5% opening fall in Tokyo, after IBM and Texas Instruments revenues disappointed investors after the U.S. close. S&P/ASX 200's resilience is due to a lack of selling, rather than strong buying support. Traders generally expect consolidation to prevail in quiet trading today. "The Australian share market has fallen into a bit of a rut," says Macquarie Private Wealth client adviser Shannon Briggs. "Turnover is very light, because we're waiting for U.S. earnings and our own reporting season, as well as the federal election. There are plenty of stocks that offer good value, but it's a matter of having the confidence to pull the trigger." Materials and financials underpinning the market, with BHP (BHP.AU) up 0.4%, Rio Tinto (RIO.AU) up 0.9%, major banks up 0.5%-0.9% and Macquarie (MQG.AU) up 0.8%. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 19, 2010 20:42 ET (00:42 GMT)