Afternoon Report Wednesday 23 April 2014
The ASX200 continued its recent strength, closing up 38 points or +0.7% at 5,517, led by the banking sector with ANZ again hitting all-time highs +0.9% at $34.59 and WBC +0.9% to $35.62.
As mentioned in the recent Hickman Report and this morning's report, a squeeze in the big 4 banks was likely ahead of options expiry this afternoon.
Platinum members received our live trading alert today advising of my profit taking in ANZ as it has hit our target price. There is obviously risk ahead with the company reporting and May's dividend, where a further 50c-$1 on the upside would be not surprise.
The CPI data released today was less than expected, +0.6% vs. +0.8% expected for the quarter & +2.9% vs. 3.2% expected year on year.
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