Afternoon Report Wednesday 13 May 2015
• Further buying was extended in the broader market today. The ASX200 closed 40 points higher (0.7%) at 5715, mostly let by the financial and consumer discretionary sector.• The Retail Sector rally was mostly due to investors interpretation of last night’s Federal Budget, along with Myer (MYR) reporting its quarterly sales slightly above consensus this morning. MYR rallied 10.3% higher at $1.555. It comes with no surprise if “short covering” was experienced in this stock today, with ~20% of its shares on issue reported to be short sold.• Commonwealth Bank (CBA) continues to retrieve some of its losses from last week, ending its day 1.3% higher at$83.98. Westpac (WBC) also outperformed, it closed 79c lower to $33.27, but note it traded ex-dividend for the amount of 93c a share.• The Precious metal sector, Gold outperformed as anticipated, Newcrest (NCM) rallied 2.8% to $14.28.
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