- A better day in the Australian market after a good lead last night, especially with the strong move up in oil. The ASX 200 closed today up 52 points (+1.1%) to 4,916. For the week we managed to scrape up 23 points or 0.5%.
- As mentioned previously the oil price sparked a revival in resources and energy stocks. BHP Billiton (BHP) showed signs of recovery with its price reaching a high of $15.44 and closed up $1.06 (+7.5%) to $15.26. Market Matters were happy to see this rally given our buy alert yesterday predicting this recovery . RIO Tinto (RIO) had a high of $39.95 but closed slightly lower at $39.65 however still up $1.29 or 3.4%.
- The banks were again on the sell side, with perhaps funds selling to pay for the switch into resources. Commonwealth Bank (CBA) closed down 25c to $76.56, Australia New Zealand Bank (ANZ), which had been suffering all week on suspicion the bank could be cutting its dividend, managed to pick up and closed at $23.35, up 24c or 1%. National Australia Bank (NAB) was quiet, up 10c to close at $26.92. Finally Westpac (WBC) closes up just 4c to $29.93.
- On the news front, Medicare (MPL) surprised the market with an upgrade to its full year profit forecast. Medibank Private says its full year operating profit is expected to exceed $470 million, $100 million above its previous guidance. The price jumped on the opening to a high of $2.71 however it slipped back to close up 26c (+11%) to $2.50.
Best Sector – Energy
Worst Sector – Prop Trusts
Winners
Treasury Wine Estates Ltd (TWE) +$1.38, or (+17.5%) to $9.28
Medibank Pvt Ltd (MPL) +$0.26, or (+11.6%) to $2.50
Santos Ltd (STO) +$0.28, or (+10.9%) to $2.84
Oil Search Ltd (OSH) +$0.48, or (+8.5%) to $6.12
Losers
Regis Resources Ltd (RRL) -$0.04, or (-1.6%) to $2.40
Newcrest Mining Ltd (NCM) -$0.20, or (-1.5%) to $12.99
Whitehaven Coal Ltd (WHC) -$0.015, or (-3.5%) to $0.415
Incitec Pivot Ltd (IPL) -$0.29, or (-8.6%) to $3.07
All figures contained from sources believed to be accurate. MarketMatters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 22/01/2016. 4.20PM.
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