Afternoon Report Friday 7 March 2014
The ASX 200 had a quiet day as expected, closing up 16 points today, with Commonwealth Bank (CBA) +45c, but Westpac (WBC) -44c as relative performance came into play within the banks.
We do not believe this will be the trend in the coming months – watch out for The Hickman Report tomorrow.
Retail sector had a stellar day, with JB Hi-Fi (JBH) +4.4%, Myer (MYR) +4.9% & David Jones (DJS) +3.3% following better than expected retail sales. Again, we re-iterate that we are not a buyer of this sector; however, we are happy to enter JBH for a trade only.
Trading was quiet, though, the Energy sector e.g. Paladin Energy, continues to gain momentum, closing up 5.3% - we hold PDN as a sleeper and confident with this sector.
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