ABN Newswire - Australian Market Report of October 14: Profit-taking Ahead of US Corporate Earnings
US stocks closed mixed overnight as investors took profit ahead of the wave of corporate earnings offset the news of an acquisition in technology sector. Dow index ended slightly lower while the tech-heavy Nasdaq composite was up on Cisco's deal to purchase Starent Networks. The Australian market yesterday finished higher as the foreign funds inflows supported the financials and resources sectors. The benchmark S&P/ASX200 index rose 45.9 points, or 0.97 per cent, to 4785.7 points, while the broader All Ordinaries index gained 44.3 points, or 0.93 per cent, to 4789.8 points. Key Economic Facts and Figures National Australia Bank survey showed that business confidence in Australia fell four points to +14 points in September, significantly reversing the 8 points surge in August. The fall in confidence was heavily concentrated in manufacturing, wholesale and retail sectors, while the only sector to strengthen was construction which it said was probably related to the federal government's A$20 billion infrastructure program. On Wednesday, the Westpac-Melbourne Institute survey of consumer sentiment for October is also released. The index soared 1.7 per cent in October, to 121.4 points, the highest since June 2007. The rise in consumer confidence has been helped by the low interest rates and a surprise fall in the jobless rate. M&A News Rio Tinto (ASX:RIO) has doubled its stake in Canada's Ivanhoe Mines (TSE:IVN) to 19.7 per cent. The company completed the purchase of about <b>...</b>
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