Quay Mid-Day Market Update

The Australian share market with a modest gain to start the day with a sluggish Wall Street session and cautiousness ahead of the Federal Budget release tonight, leaving stocks struggling to break forward this morning. Market Turnover into lunch was large at $2.612 billion, however this inflated given the interest in NAB’s return to the market this morning. Expect turnover to drift into the afternoon, given the instability and relatability of our local political environment, investors likely to be on the sidelines. Also with no major economic news expected out of the Asia Pacific region it could be a quiet afternoon. Across the market the rally in spot Iron Ore overnight kept the momentum running in the resource sector. BHP (+1.57%) and Rio Tinto (+0.65%) edging out gains, Fortescue was flat while Mount Gibson was 3.49% higher. NAB were back on the market today..... For the entire wrap please visit (VIEW LINK)