Morning Report Friday 13 March 2013
**TPG (TPM) bids for iiNet (IIN) for $8.60/share. Subscribers earlier this week received a live alert purchasing IIN ahead of trading ex-dividend**
Please see our Market Matters webinar – Yield or Growth
As you all know, I am bullish the ASX200, targeting a rally towards 6,200 over coming 4-6 weeks – see chart 1. Although I believe the banks will be the significant driver, targeting 3 out of the “big 4 banks” to hit all-time highs, the local market will need the resources sector to come to the party in at least a mild way. Interestingly, as I turned on my Bloomberg this morning I saw the DOW up +250 points, but the SPI is indicating the ASX200 will only be up around 10 points – alas BHP is trading down 42c at $29.78 in the US. With Iron Ore mildly positive overnight I can only assume with a sector that is only focusing on bad news it’s the 2.3% fall in Crude Oil that generated the selling in BHP.
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