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FP Markets INSIGHT: Local shares treading water

Announcement posted by de2 Communications 15 Mar 2016

15 March 2016 - SYDNEY: Local shares are treading water at the moment in the absence of any lead.

“Investors and traders are on the sidelines as we wait for the US Federal Reserve decision. Without that, the markets seem to be lacking direction,” said Gary Burton, senior analyst at CFD and FX broker FP Markets.

According to Burton, “It is very quiet at the moment, and with earnings ratios still on the high side of 15 there seems little reason to be too bullish.”

At midday, the local ASX Index has lost around 64 points with most sectors showing red ink.

While markets play the US Fed waiting game, the gold price is holding up well and consolidating above US $1230 oz.

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