Afternoon Report Wednesday 9 April 2014
The ASX 200 posted strong gains today on the back of unexpected corporate activity, closing +53 points (+1%) despite the Dow posting gains of just 0.06%.
Technology-exposed stocks recovered most of their losses following the recent heavy sell-off in the NASDAQ, with Seek Ltd (SEK) closing up 2.3%. We were buyers of SEK yesterday at an average entry price of $16.10, with a target price of $18.50.
The retail sector was the flavour of the day, with David Jones (DJS) welcoming the $4 per share bid by South Africa's Woolworths. The stock closed +22.6% to $3.91, with the market wondering whether Myer (MYR) will lob a counter.
The banking sector continues to re-affirm its statistics of returning 3.8% for the month of April, with ANZ closing near all time highs highs at $33.88 or +1%. (www.probabilitytrader.com).
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