Afternoon Report Thursday 8 May 2014
The ASX200 followed overnight leads, closing +41 points at 5,476 and recovering most of yesterday's losses.
Better than expected domestic employment data and average China manufacturing PMI supported the market.
The bank sector was strong today, despite NAB reporting inline with expectations and in our minds, still somewhat overvalued. NAB closed +0.9%, or +30c at $34.14.
Suncorp (SUN), out only core equity holding, performed well closing +0.5% at $13.12.
The gold sector was under pressure today with Newcrest Mining (NCM) -1.1%, or -11c to $10.34 & Oceanagold (OGC) -4.0%, or -11c to $2.67. We remain bearish this sector.
WinnersTransfield Services (TSE) +7.3% to $1.11AWE Ltd (AWE) +5.8% to $1.63Sirius Resources (SIR) +5.8% to $2.91Mermaid Marine (MRM) +5.1% to $2.27Echo Entertainment (EGP) +4.7% to $2.91
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