Afternoon Report Thursday 21 August 2014
The ASX 200 opened on its highs, only to retrace back to close up only 4 points at 5,639.
The driver of today’s reversal was due to weaker than expected HSBC China PMI, which brought a negative tone to the market.
Today’s corporate earnings were mixed, with 14 of 24 companies that reported closed higher.
Iress Ltd (IRE) was the outstanding stock that reported today, closing up $0.98 at $9.80 after beating consensus. Technically, I am neutral at present.
AMP Limited (AMP) closed 23c higher at $5.75 after beating its earnings consensus. Technically, even after a strong rally, AMP remains messy at present and best left alone.
Breville Group (BRG) closed $1.62 lower at $7.10, after its CEO, Jack Lord, resigned effective immediately.
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