Afternoon Report Monday 4 August 2014
The ASX 200 followed the US markets lead from Friday, closing down 16 points.
The banking sector weighed down the ASX 200 today, with ANZ closing down 22c to $33.34 and Westpac (WBC) down 20c to $33.85.
Australia’s June retail sales reported better than expected at -0.2%, which helped the market claw back from this morning’s session lows.
Mergers & Acquisitions (M&A) activity continues as KKR raises its takeover bid for Treasury Wines (TWE) from $4.70 to $5.20, closing up 4.0% to $5.15. We would take profit here and invest elsewhere with good risk reward during this weak period of the market.
Trading was subdued as expected, with the value down 34.6% from daily average, to $2.4B.
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