Afternoon Report Thursday 14 August 2014
The ASX 200 closed 34 points higher today at 5,549 with Telstra (TLS) and CSL dominating the rally, contributing 5 points respectively to the share market advance today.
CSL roared today, closing up $3.18 to $70.42 after two analysts upgraded their price targets after digesting their FY 2014 earnings reported yesterday.
Investors and traders welcomed Telstra’s (TLS) FY 2014 earnings reported today, closing 12c higher at $5.56 after announcing a 14.3% increase in profit and a ~$1B buyback. With interest rates currently low, investors seek for yield will support TLS.
One of our investments, M2 Communications (MTU) jumped 26c, closing at its monthly highs of $6.58 as speculation grows for Telstra eyeing on acquisitions with plenty of funds in their tin. We remain bullish, targeting $7.50.
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