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Australian Stock Market Leads - 10 February 2012

Local stocks are expected to rebound on Friday with the gains posted overnight by European and U.S. markets routing from the positive resolution of the Greek debt deal.

Analysts have noted that among the major averages, the Dow Jones Industrial Average was up seven points to close at 12890. The S&P climbed 0.2% to close at 1352 and the NASDAQ added 0.4% to close at 2927.

According to IG Markets analyst Stan Shamu pointed out the positive returns made by the commodity and debt markets. On the other hand, the currencies and equities markets showed off 'risk-on' outcomes, which he called as an "understated fashion."

He said that this will result to the slight but cautious recovery of resource-heavy index in this morning's trade.

"Rio Tinto will be a talking point, after its results missed analysts' expectations with a bigger-than-expected write-down to its aluminium business. RIO shares lost 1.5% in the UK and are also likely to struggle in local trade. BHP's ADR is pointing to a 0.7% drop at the open," Mr Shamu explained.

Meantime, analysts are bullish that the Australian stock market is seen heading up and breaching its safety levels of 42500 to 4300.

IG Markets, in particular calls on an 8 point move to 4291.

Gold stocks, will however, see some struggles early on as the resolution to the Greek debt deal has adversely pulled down its value.

On the reporting end, Newcrest Mining has released its first half results with no major surprises after recent updates.

RBA will release its notes on its Tuesday's rate decision.

TOP 5 Gainers on 9 Feb, 2012 : Linc Energy ( LNC ), Auroran Oil (ASX:AUT), Sandfire (ASX: SFR), White Energy ( WEC ), Caltex (ASX: CTX)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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