Afternoon Report Thursday 2 July 2015
• After quiet start, the ASX 200 put on a very strong move up and finished the day up 84 points (+1.5%) to 5,599 as the market took the view that the Greek saga will be finalised and all will be happy with the world. We’ll see if that carries over for tomorrow.• The Consumer Discretionary outperformed the market after investors embraced Pacific Brands’ (PBG) surprise of upgrading its profit guidance. PBG closed 50.1% higher at 49c.• The banks were strong with Commonwealth Bank (CBA) up $1.43 (1.66%) to $87.45 after a high of $87.65, National Australia Bank (NAB) up 1.7% to $34.04 and Westpac Bank (WBC) up 2% to $33.01. Note, further bank dividends were paid today, adding further $$$ to be placed in the market.• Even though both oil and iron ore were weak overnight, BHP Billiton (BHP) and RIO Tinto (RIO) both managed to finish up on the day. BHP closed 35c higher (1.3%) to $27.00 and RIO managed to scrap up 2c to $53.03.
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