Afternoon Report Tuesday 6 May 2014
A slow day in equity markets today with the ASX200 closing +14 points higher on low volumes as Japan, Hong Kong and South Korea were all closed today.
The RBA left cash rates unchanged at 2.50%, as expected, noting "recent information suggests moderate growth is occurring in consumer demand and foreshadows a strong expansion in housing construction".
Seek Ltd (SEK) closed up 2.4%, or +41c at $17.29 after the company prepares to float its Chinese subsidiary, Zhaopin, on the NYSE.
Suncorp (SUN) remains our favoured stock (and only long core position) closing up 0.6% or +8c at $13.11. We still expect a better return versus the banks. See our Market Matters video on the Banks and SUN.
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