- The market today looked a lot better after a better night from overseas markets. After a shaky start, the ASX 200 rallied hard on the open only to drop back after about 15 minutes. It wasn’t until approximately 11.00am that it started to kick higher, then finally rallying hard into the last hour. The market closed up 90 points (+1.8%) to 5,094.
- QBE Insurance Group (QBE) shares suffered a setback (again) after the insurer advised the market that margins would come in at the bottom end of expectations. Expectations were that an 8.5 to 10% profit margin would be achieved. The stock closed down 2.1% to $12.89 after being down over 3% to $12.42.
- QANTAS (QAN) had some better news with Standard & Poor’s upgrading its credit rating one notch to BBB- citing an improved balance sheet. The shares rallied to a high of $3.74 and closed at $3.72 up 17c (+4.8%).
- BHP Billiton (BHP) also had a better day, but it was far from convincing. Being headline news in the financial papers over the last few days is still an obvious weight around the company’s neck. The shares closed up 15c to close at $20.25. RIO Tinto was also quiet, closing up 51c to $47.92.
- The energy sector followed the lead from overseas and performed the strongest with Origin Energy (ORG) excelling, up 6.8% to $5.25. Santos (STO) performed well, up 4.6% to $4.32, however, Woodside Petroleum (WPL) lagged behind, after being down on the day at one stage, but closed up 1.7% to $29.37.
Best Sector – Energy
Worst Sector – I T
Winners
Greencross Ltd (GXL) +$0.55, or (+9.6%) to $6.30
Origin Energy Ltd (ORG) +$0.36, or (+7.4%) to $5.24
Slater & Gordon Ltd (SGH) +$0.2, or (+7.1%) to $3.
Qantas Airways Ltd (QAN) +$0.21, or (+5.9%) to $3.76
Losers
Ainsworth Game Technology Ltd (AGI) -$0.21, or (-6.8%) to $2.90
QBE Insurance Group Ltd (QBE) -$0.27, or (-2.1%) to $12.91
Fortescue Metals Group Ltd (FMG) -$0.03, or (-1.3%) to $2.22
Sigma Pharmaceuticals Ltd (SIP) -$0.005, or (-0.6%) to $0.775
All figures contained from sources believed to be accurate. MarketMatters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 16/11/2015. 4.14PM.
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