Afternoon Report Tuesday 30 June 2015
• It was a bit of a roller coaster today, after the market dropped 29 points on the opening, to then rather shakily rally to a better close on the last day of the financial year. The ASX 200 finished the day up 36 points (+0.7%) to 5,459.• Kathmandu Holding (KMD) were a stand out today after Briscoes Group Ltd announced that they were initiating a takeover bid after accumulating a 19.9% stake – 4.99% acquired overtime and a further 14.91% shareholding from a number of institutional holders at NZ$1.80/share. KMD closed 32c higher (+25%) to $1.57.• China’s Shanghai Composite is currently up 4% as its Government has further stimulated the stock market by announcing that its State Pension Fund will be authorised to invest in equities for the first time. That’s an extra US$493b!• We look forward to the New Financial Year and the opportunities ahead of us!
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