Afternoon Report Thursday 5 March 2015
• The ASX 200 clawed back most of its losses, ending 3 points higher at 5904 after trading as much as 32 points lower earlier today.• The banking sector had a breather, closing only slightly lower. Commonwealth Bank (CBA) closed 0.0% lower at $91.12 and Westpac (WBC) down 0.2% at $37.83.• Macquarie (MQG) resumed trading today after a successful capital raising, at pretty much no discount from previous close. We are short term optimistic MQG at present. MQg closed 1.3% higher at $74.50.• Myer (MYR) rallied 4.1% at $1.67 after retail sales were reported in line with consensus. Short covering seems to be the reason for the rally in MYR.• Fortescue Metals (FMG) announced it has extended its debt. We see this news as a breather before the inevitable and remain bearish FMG at present. FMG closed unchanged at $2.29
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