Afternoon Report Thursday 22 May 2014
The ASX200 followed last night’s lead from the US and closed up 1%, or up 55 points to 5,480, led by the banking in the morning with an extra hard push by the resource sector from 11.45am..
ANZ and NAB led the strength in the banking sector, closing up 1.2% to $33.41 and 1.5% to $33.86 respectively.
The HSBC China Market PMI released was better than expected before lunch, pushing the resource stocks higher into the close. BHP closed up 1.3% to $37.65 & RIO up 2.6% to $60.96.
James Hardie (JHX) closed up 5.7% to $14.47 as investors welcomed its FY2014 report, doubling its profit and paying a special dividend of US20c. The recover in the US looks to be confirmed.
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