Afternoon Report Monday 15 June 2015
• After a weak lead from overseas over the weekend, our market recovered from its lows (-52 points at 5492) at the beginning of our session, to finish the day down only 6.5 points (-0.2%) to 5,538.• The major company news was the meeting of Amcom Telecom (AMM) shareholders, who have overwhelmingly voted in favour (72%) of a $1.2 billion tie up with rival Vocus (VOC), defying TPG Telecom's (TPM) attempts to block the deal. Please watch out for live alerts as we currently hold VOC.• In other news Foxtel will take a stake of up to 15 per cent in Ten Network (TEN) at 15c a share, as part of a move expected to raise $154 million for the struggling free to air broadcaster.• The Financial Sector only just managed to creep into best sector stakes today, however the banks finished well. Australia New Zealand Bank (ANZ) +14c (+0.4%) to $31.85, Commonwealth Bank (CBA) +47c (0.6%) to $81.89, National Aust. Bank (NAB) +27c (0.8%) to $32.53 and Westpac +5c (0.2%) to $31.72.
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