Watching, waiting for Ben! The market started well today, weakened then picked up again especially firm in resource stocks as they played a little catch up after the banks have bounced. Good to see the market closing on its highs though, as confidence and lack of selling pressure enabled us to cruise through 4850. The Financials were mixed with National Australia Bank (A$30.04, +1.0%) positive whilst Westpac Banking (A$29.23, -0.7%) were in the red. QBE Insurance Group (A$15.38, +2.9%) and Macquarie Group (A$43.09, +2.2%) continued to post gains whilst Commonwealth Bank of Australia (A$68.36, -0.2%) drifted away. Other winners today were the consumer staples Woolworths (A$32.57, +1.7%), Wesfarmers (A$39.00, +1.4%), Coca-Cola Amatil (A$12.91, +2.6%) with healthcare also in favour through Cochlear (A$60.51, +3.7%), ResMed Inc. (A$5.06, +1.4%), Fisher & Paykel Healthcare (A$2.81, +3.7%) and Ansell (A$18.28, +3.7%) although CSL (A$57.34, -1.1%) did suffer. Energy stocks like Woodside Petroleum (A$35.65, +2.4%), Origin Energy (A$12.92, +0.5%), Santos (A$12.80, +1.2%) and Oil Search (A$8.00, +2.0%) all made gains. RIO Tinto (A$54.38, +1.5%) were in the news today sacking some of its Iron Ore staff which helped the price a little and BHP Billiton (A$32.99, +0.9%) also gained along with Fortescue Metals Group Ltd (A$3.36, +1.8%) and even Newcrest Mining (A$11.15, unch) nearly managed to eke out a small gain.

In Tech and Telco land, Telstra (A$4.65, +0.2%) struggled to make headway but Hutchison Telecommunications (Australia) (A$0.049, +11.4%) made solid gains as did TPG Telecom (A$3.39, +2.7%), Data#3 (A$1.125, +3.2%), Technology One (A$1.79, +5.3%), Carsales.Com (A$9.26, +1.8%). Industrials held their end up with Amcor (A$9.89, +3.7%), James Hardie Industries PLC (A$9.64, +2.9%), Adelaide Brighton (A$3.33, +0.9%), Incitec Pivot (A$2.79, +2.2%), Alumina (A$0.99, +3.1%) and Leighton (A$16.18, +3.6%), Monadelphous Group (A$16.57, +2.5%) and CSR (A$2.08, +6.1%).

Big winners today included Skilled Group (A$2.55, +5.8%), Seek (A$9.21, +4.4%), Charter Hall Group (A$3.89, +6.6%) and Bt Investment Management (A$3.16, +4.6%). In the naughty corner were Chorus (A$2.10, -3.2%), REA Group Ltd (A$28.86, -2.9%), Virgin Australia (A$0.44, -2.2%) and Sky Network Television (A$4.55, -3.6%).

Somewhat quiet session on the volume front with not much new news out.

Stocks in the News

Big news for the day was Big ‘Nath’ selling out of Whitehaven Coal (A$2.20, +4.3%) at a premium to his lenders. The stock has suffered due to the overhang and had a good bounce although did ease back. Looks like Nath is no longer in the Coal business. It has sure been a meteoric rise and then crash for this boy from Newcastle.

In other news today News (A$30.53, -6.9%) split into Good News, Bad News. The bad news boys who still chop down trees and print stuff on them is  now New News Corp ($14.55) which had a big trading range today of 15.35 to 14.35 while the new News or 21st Century Fox was News (A$30.53, -6.9%) down heavily after shedding the old business.

There is life in the old dog yet as WorleyParsons (A$19.88, +3.0%) after a South Korean shipbuilding giant awarded it a $US100 million ($105.97 million) offshore oil and gas contract in Nigeria. The news comes a month after a profit downgrade saw its shares plunge to a four-year low.

Good news today finally for Buru Energy (A$1.34, +5.5%) as they finally got the nod from the WA government on their acreage. This was well known but has helped break the trickle down in the share price from the mid 3.00’s to knocking on 1.20!

Finally some good news in the Mining service sector as Austin Engineering (A$3.60, +5.3%) put on some impressive gains as did Decmil Group (A$1.685, +6.6%), Mineral Resources (A$8.87, +4.4%), Boart Longyear (A$0.735, +9.7%) and Bradken (A$4.63, +8.2%) in the ones we follow.

And in good news from Japan, exports rose in May by the most since 2010 as the yen weakened, providing a boost to Prime Minister Shinzo Abe’s plan to revive the economy. Shipments shot up 10.1% from the previous year, data showed, rising for a third straight month.

China’s Shanghai Composite Index fell 1.3 %, heading for its lowest close since Dec. 13 amid signs a cash crunch is worsening in the mainland. The nation’s one-year interest-rate swap, which is used to exchange fixed payments for the floating seven-day repurchase rate, surged as much as 20 basis points to 4.18 %.

Tomorrows News Today

It’s all about Ben baby! After two days of FOMC meeting we get to hear from the Oracle. Get the feeling that he is starting his valedictory speeches a bit early but from what Obama has said about him, that’s all folks. Gone in February!

China’s one-year interest-rate swap rose by the most in 22 months as the central bank refrained from adding funds to the financial system to ease a cash squeeze, causing demand to fall at a government debt auction.

And China looks to be the focal point after Ben’s comments on tapering as the closely-watched flash PMI survey could fall to as low as 48.7, according to estimates by Credit Agricole and Nomura, worse than the final reading of 49.2 in May when the index moved into contraction territory.

In unusual circumstances in Brazil, the President has praised demonstrators who have taken to the streets of San Paulo. Seems she is pretty impressed so many people want a better world! Apparently she is listening!

And in another sign that wages have got too expensive in Australia, it looks like IBM are about to swing the axe on around 1500 jobs here. Looks like NZ and Asia will be the winners.Add that to Ford and now Holden, its starting to look like we have priced ourselves out of the market.