Afternoon Report Tuesday 12 August 2014
The ASX 200 closed 73 points higher, at 5,530 as it felt like traders were covering short positions. Refer to the fear and greed chart, illustrating the number of traders who are short/bearish in this market.
The buying was led by the banking sector, particularly with CBA, closing up $1.28 to $81.69 as it is due to report its FY2014 tomorrow. However, the best performer was our preferred stock of the sector, Bank of Queensland (BOQ) closed up $0.23 to $12.21 - Refer to the Hickman Report.
Domino’s Pizza (DMP) impressed investors with their FY2014 earnings, closing up $2.78 to $22.39 as online order demand has increased.
Bradken Ltd (BKN) closed $0.34 higher to $4.66, despite reporting its FY2014 net profit, more than half of the previous FY2013 earnings. We see better risk/reward elsewhere from this sector and would not trade this at present.
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