Afternoon Report Thursday 26 June 2014
There was broad based buying in the ASX 200 today, closing 62 points higher to 5,464, significantly stronger than we thought, with Westpac (WBC) closing up 60c to $34.43, RIO +83c to $59.90 & Telstra (TLS) +6c to $5.23.
The broad based buying appeared to be on the back of today’s June equity options expiry, as well as squaring off positions ahead of EOFY.
Caltex announced a downgrade in its 2014 half year profit outlook, still managing to close up 0.6% to $21.71 for the day.
We remain bearish medium term looking for a ~6-8% retracement from here.
WinnersSTW Communications (SGN) +8.5% to $1.40Lynas Corp (LYC) +8.0% to $0.135Tabcorp (TAH) +6.2% to $3.60Atlas Iron (AGO) +5.7% to $0.65Paladin Energy (PDN) +5.4% to $0.295
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