Afternoon Report Wednesday 4 February 2015
• The ASX 200 closed 70 points higher at 5,777, its 10th consecutive close into positive territory, up 8.8%.• The “yielding stocks” started to lose some steam after outperforming the broader market recently. Commonwealth Bank (CBA) closed 39c higher, or +0.4% at $90.79 after trading down 9c and Telstra (TLS) down 7c or -1.1% at $6.60.• The resources sector outperformed the ASX200 today. BHP Billiton (BHP) continued its recent rally, up $1.34, or +4.4% at $31.99 and Fortescue Metals (FMG) up 8.9% at 2.58 as short covering is beginning to be apparent.• Echo Entertainment (EGP), the owner of the Star closed 9c, or -2.1% lower at $4.14 despite more than doubling its profit for the calendar year. • The Materials sector continues to be the headline. Nufarm Ltd (NUF) closed down 24c, or -4% at $5.77 after it announced its CEO, Doug Rathbone steps down along with a reduction in CAPEX.
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