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Australian shares on the defensive

Announcement posted by de2 Communications 28 Oct 2015

The local share market continues to be on the defensive ahead of the US Federal Reserve's statement tonight.

According to the Australian Stock Report market wrap up, materials and energy shares were again a dead weight on otherwise good performance from a number of companies.

The National Australia Bank's (NAB) result was not seen well with its shares down 2.16%. During the last reporting for the banks in May 2015, ANZ Banking Group (ANZ) initially reported weak numbers which did not translate to the other banks.

The Australian Stock Report said it is hopeful, given the specific nuances of the NAB result (re: UK priming for IPO), this will not translate for the other banks over the coming days. Indeed, Westpac Bank has pre-reported with their recent capital raising.

In other company moves, Dick Smith (DSH) was battered, down 34%, after poor AGM guidance while in the same space, Harvey Norman (HVN) rose 4% after providing strong guidance for 1Q sales and profitability.

Electronics retailer JB Hi-Fi (JBH) will undertake their AGM tomorrow where sales comps in line with HVN are more likely.

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