Afternoon Report Monday 11 August 2014
The ASX 200 gained little of last week’s losses, closing up 22 points in what was a low volume traded day, with the value down 15% from its average.
Commonwealth Bank (CBA) closed $0.28 higher to $80.41 ahead of reporting its yearly FY2014 result this Wednesday.
Our short Westpac (WBC) view was the weakest link of the big 4, closing down 6c, to $32.97.
JB Hi-Fi (JBH) closed down $1.53 to $17.84 after reporting its earnings in line with consensus. The main concerns are seen with slower sales growth and continued cost increases. We see better risk/reward seen in sectors other than Retail.
Bendigo & Adelaide Bank (BEN) closed $0.28 higher to $12.46 after beating consensus by posting a 9.9% increase in annual cash net profit after tax to $382.3m for FY2014. We remain neutral at present, having reached our target level of $12 last month.
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