Afternoon Report Friday 29 August 2014
The ASX 200 closed 2 points higher today at 5,626, down only 7 points for the month.
The banking sector had little change, albeit National Australia Bank (NAB) closing up 43c to $35.20, after announcing it plans a US IPO of Great Western Bank by the end of 2014 to focus more so on its Australian and New Zealand assets.
Woolworths (WOW) closed 79c lower at $36.16 after reporting a lower than expected loss in its home improvement sector and weaker than expected earnings with Big W. Technically, we remain neutral to bearish.
Investors welcomed Harvey Norman’s (HVN) earnings, closing 26c higher at $3.55, its first profit growth in three years! Refer to our recent morning note.
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