Afternoon Report Monday 25 May 2015
• Another quiet and choppy session was experienced by the ASX 200 today as was expected with both the US and UK markets closed tonight. The market jumped from the gates trading on its day’s high of 5733 around midday, only to lose some from the afternoon and close 57 points higher at 5722. Technically, the ASX200 has reached our short term target on the upside; from here we see good risk reward in the negative territory.• The banking sector finally trading positive supported the broader market; Westpac (WBC) closed 40c higher (+1.2%) at $32.96 and Commonwealth Bank (CBA) up 89c (+1.1%) at $84.00. As mentioned in the Hickman Report, we are happy to start and accumulate CBA back near the $81 area.• In the Merger & Acquisition (M&A) front, nickel and copper explorer, Independence Group (IGO) entered a takeover bid in Sirius Resources (SIR) via cash and shares. SIR closed 20.4% higher at $3.90.
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