- The ASX 200 was surprisingly strong after an early downturn of 70 points this morning. The index finished 5 points higher at 5,101, a 1.7% rally from its day’s low.
- Following on from last night’s weakness, China didn’t disappoint and opened down 4.7%, but steadily recovered. By the lunchtime close, it was up 0.3% - It has been reported that China’s state-backed funds were stabilising the markets ahead of a major military parade due tomorrow. China will be on holiday for the rest of the week.
- Energy stocks were hit hard after the weakness last night. Origin Energy (ORG) was down 37c (-4.5%) to $7.81 and Woodside Petroleum (WPL) closed down 52c (-1.6%) to $31.10.
- The Australian GDP figures were released this morning which showed that the economy is growing at its slowest rate in four years. The ABS has said gross domestic product (GDP) grew 0.2 per cent in the three months to the end of June, compared with 0.9 per cent in the first quarter.
Best Sector – Health Care
Worst Sector – Energy
Winners
Western Areas Ltd (WSA) +$0.15, or (+6.1%) to $2.62
UGL Ltd (UGL) +$0.10, or (+5.3%) to $1.985
Navitas Ltd (NVT) +$0.21, or (+5.3%) to $4.18
Platinum Asset Management Ltd (PTM) +$0.28, or (+4.3%) to $6.82
Losers
Origin Energy Ltd (ORG) -$0.37, or (-4.5%) to $7.81
Bradken Ltd (BKN) -$0.055, or (-4.7%) to $1.125
Retail Food Group Ltd (RFG) -$0.29, or (-5.8%) to $4.70
Seven Group Holdings Ltd (SVW) -$0.10, or (-2.0%) to $4.97
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 02/09/2015. 4.30PM.
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