May Market Update

Good morning

The Reserve Bank of Australia's move last week to cut the cash rate a further 25 basis points to its lowest recorded level.

Three of the four major banks cut their interest rates by 25 basis points by the end of last week with ANZ going further, making a 27-point cut.

Yesterday the Australian market was higher in trading as the Federal Government prepares to hand down its 2013 Budget.

Most major sectors were up at noon, with information technology shares leading the way and despite a dip in the energy sector.

Market heavyweight BHP Billiton was down slightly, off by four cents, or 0.1 per cent to $34.51 while fellow diversified miner Rio Tinto was also down, 12 cents, or 0.2 per cent lower, at $57.47.

The big four banks were mixed, with ANZ down 14.5 cents, or 0.49 per cent, to $29.94, while CBA was up 89.5 cents, or 1.26 per cent to $72.04, the NAB was off seven cents, or 0.21 per cent, to $33.11 while Westpac fell five cents, or 0.16 per cent, to $31.75.

If you have any quires in regards to the current market conditions or any other matter please do not hesitate to call me on (08) 9346 9666, to discuss this further.

Kind Regards,

Lawrie O'Neill

Savanna Pride Holdings Pty Ltd, ATF Savanna Unit Trust ABN 57 347 787 059 Authorised Representative of Godfrey Pembroke Limited ABN 23 002 336 254, an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. The material contained in this newsletter is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this email.

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(08) 9346 9666

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