Afternoon Report Wednesday 2 June 2014
The ASX 200 closed 80 points higher today, more than double what we had expected this morning.
The strength appeared to be the result of a large buy order, equivalent to a $500M portfolio, in the SPI futures which looked to have been executed by 10.30am.
The trade balance for May was reported at a $1.9B deficit vs. analysts’ expectations of a $200M deficit. A very large surprise, although the negative data was not able to reverse the strong gains in the market.
Vocus Communications (VOC) resumed trading today after announcing the acquisition of New Zealand’s FX Networks. This was welcomed by investors, with the stock closing up 8.2% to $5.15. We had a buy on this stock, targeting +$5 previously; I remain bullish with stops at $4.92.
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