Afternoon Report Monday 28 July 2014
The ASX 200 had a choppy session today, closing down 6 points after falling 25 points at 1130am. The market rallied in line with Asia where China futures traded as high as +4.1% and the Hang Seng futures as high as +2.6%.
Healthscope (HSO) debuted at midday today, opening at its listing price of $2.10, however the stock rallied strongly after lunch to close up 5.2% to $2.21. We are not participating at present.
Navitas Ltd (NVT) closed down 3.7% to $4.98, after reporting its half yearly profit of $51.6M, down 31% after losing its key contract with Macquarie University earlier this month. As mentioned previously, we would not currently touch Navitas.
Leighton Holdings (LEI) also closed lower, down 2.4% to $22.10 after reporting its half yearly profit of $291.3M, down 20%. We remain neutral this underperforming stock.
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