Afternoon Report Tuesday 2 September 2014
The ASX 200 advanced 28 points today, as investors continue to anticipate another round of economic stimulus from both the European Central Bank (ECB) and China to aid their respective “spluttering” economies.
The energy/gas sector remains the outperformer of the ASX200, with Origin Energy closing up 48c at $16.12 after a recent broker note upgrading the company to overweight, with expectations of its dividend to double by FY17. We remain favourable with this sector than in the Iron Ore space.
We are pleased to see Myer Holdings (MYR) have another solid session, closing up 3c at $2.48. We remain bullish MYR. See our recent morning report.
The banking sector interestingly struggled for most of the session, with National Australia Bank (NAB) closing down 3c at $35.09 and Commonwealth Bank (CBA) up 20c at $81.50
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