Month: April 2015
Keeping our finger on the pulse as volatility surges
The ASX 200 was again under a lot of selling pressure from the futures market (SPI) this morning, which abated around lunchtime. The ASX 200 index finished the day down 44 points ( 0.83 %) to 5,790 after a low of 5,750
Let’s examine more pieces of the stock market puzzle
The ASX 200 was deluged by selling in the SPI futures, which pushed the Banking and Health Care Sector (amongst others) down sharply. The index finished down 110 points (1.85%)
Let’s focus on the present as it all gets very interesting
The ASX 200 finished a very lacklustre day down 34 points to 5948 (0.57%)
Just after midnight the Australian Financial Review led with a very pleasing story “iiNet fight breaks out as M2 lobs in $1.5bn bid”. It will be interesting to see what the board recommends as it appeared they were unusually happy with the $1.4bn all-cash takeover by TPG Telecom, it felt to me almost too happy. Hopefully we see a rare example of corporate directors acting in the best interest of shareholders (us) and go after the best price possible. It is understood that M2’s bid puts a significantly higher valuation on iiNet but being script bid it depends on the M2 share price for direct comparisons.
• The ASX 200 had another strong day finishing up 49 points (0.83%) to 5983.• The new bid for iiNet (IIN) by M2 Group (MTU) set the stock racing. IIN had a high of $10.16 and a low $9.57, finishing the day at $9.80 + (0.83%)• The Material Sector was the strongest in the market by far after the continued strength in Iron Ore and Oil over the weekend.• The Banking Sector finished strongly with Commonwealth Bank (CBA) +62c (0.67%)to $92.72, National Aust. Bk (NAB) +38c (1%) to $38.46 and Westpac (WBC) +43c (1.12%) to $38.85. However Aust. New Zealand Bk (ANZ) finished down -14c (0.39%) to $35.58.
• The ASX 200 had a strong day finishing points higher (+1.5%) at 5933 after trading as high as 5935.• The Materials sector was in full swing today, with BHP Billiton (BHP), RIO Tinto (RIO) and Fortescue (FMG) rallying strongly after another strong move in Iron Ore overnight.• RIO Tinto (RIO) rallied 1.49c (+2.65%) to $57.79. BHP Billiton (BHP) rallied 0.99c (+3.19%) to $32.050 and Fortescue rallied +0.12c (+5.74%) to $2.21.• The Banking Sector shook off its recent selling and rallied on the back of imminent results due in early May. ANZ Bank (ANZ) rallied Commonwealth Bank (CBA) National Bank (NAB) and Westpac Bank (WBC)
Over the last two trading sessions we have seen Iron Ore rally 7.5% and at the same time Australian short term interest rates have been slowly edging higher. The recent relative sector performance we have seen from Australian equities is something not witnessed in a long time:
Really bullish, there's more to go in the reflation rally
Please enter your login details
Forgot password? Request a One Time Password or reset your password
One Time Password
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
Enter and confirm your new password
Congratulations your password has been reset
Sorry, but your key is expired.
Sorry, but your key is invalid.
Something go wrong.
Only available to Market Matters members
Hi, this is only available to members. Join today and access the latest views on the latest developments from a professional money manager.
Smart Phone App
Our Smart Phone App will give you access to much of our content and notifications. Download for free today.
