Month: May 2014
The ASX200 was sold off early in the session, only to recover throughout the afternoon to close -15 points to 5,461.
Oil price remains stable despite building tensions between the Ukraine and Russia. What about the oil stocks?
The ASX200 followed overnight leads, closing +41 points at 5,476 and recovering most of yesterday’s losses.
***NAB Reports 1H cash profit of $3.15b and interim dividend of $0.99**
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.
Tech-heavy NASDAQ is leading an equities correction.
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.
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.
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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