Afternoon Report Monday 26 May 2014
The ASX200 was quiet today as expected, closing +20 points higher at 5,513 ahead of both the UK and US markets closed tonight for respective public holidays.
M&A activity continues to heat up with Pacific Equity Partners bidding $1.1bn for SAI Global Ltd (SAI), closing +17.1% or +73c to $5.01.
Regis Resources (RRL) continued its slump, closing -7.3% or -12.5c to $1.585 after last Friday's gold production guidance downgrade.
Myer (MYR) was also a poor performer closing -4.1% or -9c to $2.13. We continue to have no interest in this stock with better risk / reward opportunities elsewhere in the market.
Challenger Financial (CGF) closed -2.9% -21c to $7.14 after a broker downgraded the stock to "sell" from hold. We remain a buyer of CGF in the $6.50 area, with stops below $5.50.
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