Sharemarket rises despite poor NAB figures: Afternoon market insights

The sharemarket has improved today despite a report by NAB that business confidence dropped sharply in May.

Business confidence fell from 4 to -2, while business conditions fell from zero to -4. In addition the report outlines that the mining and construction industries have significantly weakened.

At 3.30pm today the ASX gained 0.31% to 4076.39, while the All Ordinaries rose 0.25% to 4121.60.

New South Wales experienced both good and bad financial news today.

Treasurer Mike Baird released his second budget, forecasting a budget deficit of $824 million in the 2012/13 financial year, up from a projected deficit of $337 million in 2011/12.

However in response, Tourism Minister George Souris announced a $400 million boost in funding for the state over the next four years which would boost struggling retailers.

The Australian Dollar weakened slight and is trading at 98.93US cents.

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