By - Press Release
Category - Gold Buyers Sydney
Posted by - Cash Gold Buyer
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| Gold Buyers Sydney |
The Australian sharemarket is down from the day's high as a measure of China's manufacturing sector showed a slight retreat from its four-year peak.
It went from looking like a great day to just a good day on the Australian sharemarket after the underwhelming Chinese manufacturing data dissipated some of the earlier buying momentum, CMC Markets trader Tim Waterer says:
Undoubtedly the materials sector suffered a setback today on the release of the Chinese data and with some of the big miners reversing course the broader market slipped from the session highs.
However, materials weakness was more than offset by strength in other segments of the market with the banking and retail stocks enjoying a positive outing today courtesy of strong offshore leads.
Risk assets from around the globe will take their cues from the Fed chairman's testimony before Congress this week, with a key point of interest being whether his testimony is singularly supportive of continuing asset purchases or whether his tone reflects the assortment of opinion contained in the most recent Fed Minutes.
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After recently cutting jobs to save costs, accounting firm WHK Group is considering a $320 million merger proposal from wealth management firm SFG Australia. As it posted a 22 per cent fall in first half profit, WHK received an indicative offer from SFG that could create a merged entity with more than $17 billion in funds under management. SFG, an advisor to the wealthy, has been in talks with WHK, an accountant for small businesses and high worth individuals, since October 2012.
The suitor has proposed a share-based merger that would leave WHK shareholders with a 42 per cent interest in a newly merged business.SFG’s offer implies a value of almost $1.21 for each WHK share, above their previous closing price of $1.06.
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