Afternoon Report Thursday 2 April 2015
• The ASX 200 reversed all of yesterday’s losses, ending up 38 points (+0.7%) at 5899, down only 0.4% lower for the week.• The April Rate cut hype continues to be the agenda, with the Australian Dollar down 0.2% at US75.9c, while the banking sector surged. Commonwealth Bank closed 1.2% higher at $94.40 and Bank of Queensland (BOQ) up 0.9% at $13.75.• The ‘Telco’ sector had a good run today, with iiNet (IIN) outperforming the sector ending 2.5% higher at $8.93, just shy of its all-time highs of $8.95.• Mergers and Acquisitions continue in the global equity markets, domestically, Bradken (BKN) rejected a takeover bid by a consortium of Koch Industries and Pacific Equity Partners for the amount of $2.50 a share. BKN rallied 18% at $2.29.• Iron Ore sold off another 3.5% in Asian trade today, Fortescue Metal (FMG) closed 4% lower at $1.82. Note, we had a stop loss at $1.90 for the physical stock, however, as FMG was purchase via options, we are giving more room/buffer with the current price action.• Please watch out for the Hickman Report next Monday. Have a great Easter Break.
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