Afternoon Report Thursday 5 February 2015
• The ASX 200 rallied for an 11th consecutive day, ending 34 points higher at 5811.• The yielding stocks again reigned the broader market today with Commonwealth Bank (CBA) soaring $2.48, or +2.7% at $93.27 and Telstra (TLS) up 7c, or +1.1% at $6.67.• The safe haven asset, gold performed well, with Newcrest Mining (NCM) closed 51c, or +3.7% at $14.39.• The energy sector underperformed as expected, with Santos (STO) down 27c, or -3.2% at $8.09 and Woodside (WPL) down 61c, or -1.7% at $35.26.• The iron ore sector reversed yesterday’s gains, with BHP Billiton (BHP) down 63c, or -2% at $31.36 and Fortescue Metals (FMG) down 7c, at 2.7% at $2.51 despite large private equity, Capital Group becoming a substantial holder in FMG recently.• As interest rates in Australia look to go further lower, the demand in spending and borrowing is likely to be seen. This was certainly the case for financing company Flexigroup (FXL) lifting its first half 2014 profit by 11%. FXL closed 45c, or +14.8% higher at $3.49.
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