Month: May 2014
Oil price remains stable despite building tensions between the Ukraine and Russia. What about the oil stocks?
The ASX200 was sold off early in the session, only to recover throughout the afternoon to close -15 points to 5,461.
***NAB Reports 1H cash profit of $3.15b and interim dividend of $0.99**
The ASX200 followed overnight leads, closing +41 points at 5,476 and recovering most of yesterday’s losses.
Tech-heavy NASDAQ is leading an equities correction.
The market was sold off heavily today, following on from overnight leads and in line with regional markets, closing down -46 points. A lower than expected March retail sales print of +0.1% vs. +0.4% expected also added downward pressure.
With a fall in building approvals reported yesterday, is it time to start selling building stocks?Yesterday the Australian March Residential Building Approvals fell -3.5% month on month, however, it should be noted this is an easing from historical highs. Overall, these figures do not bother me; the level of dwelling approvals remains strong, pointing to a marked improvement in new dwelling investment, which is set to add around 0.4% to economic growth in 2014-15. More importantly, when we look at the main stocks in this sector they remain very strong and further consolidation / retracements are buying opportunities and not a time to panic sell.
A slow day in equity markets today with the ASX200 closing +14 points higher on low volumes as Japan, Hong Kong and South Korea were all closed today.
The ASX200 posted early gains, only to be sold off throughout the afternoon on weaker than expected building approvals and disappointing Chinese PMI data.
** Westpac (WBC) increases its 1H Cash earnings by 8% to $3.77B – broadly in line with estimates**
Really bullish, there's more to go in the reflation rally
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