MARKET TALK: S&P/ASX 200 Up 1.2%; Cyclicals Remain Firm

16th Jun 2010 06:13

0513 GMT [Dow Jones] S&P/ASX 200 up 1.2% at 4556.9 after fading from 4-week high of 4572.4 on light volume. Cyclicals remain firm after offshore gains, with BHP (BHP.AU) up 2.0%, Rio (RIO.AU) up 2.4%, Qantas (QAN.AU) up 4.6%, Asciano (AIO.AU) up 4.4%, Brambles (BXB.AU) up 2.6%, Bluescope Steel (BSL.AU) up 3.5%, Fortescue (FMG.AU) up 2.7%. News Corp (NWS.AU) (owner of this news wire) up 4.9%, albeit well off its morning high, on profit taking. Defensives coming under pressure, with Telstra (TLS.AU) flat, Woolworths (WOW.AU) up 0.1%, Westfield (WDC.AU) down 0.4%, CSL (CSL.AU) down 0.4%, Foster's (FGL.AU) down 2.9%. "Recent volatility is not entirely defeated," says Herston Economics Chief Economist Clifford Bennett. "Overall though, what we are seeing is just the start of global equity, commodity and currency markets playing catch up to a spectacularly good fundamental reality that is not at all reflected in current pricing." ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 16, 2010 01:13 ET (05:13 GMT)