Author: james Carter
The ASX 200 had a roller coaster ride this morning, but turned into a quiet session this afternoon. The Banking sector was slammed after Westpac Bank (WBC) reported a disappointing half year result. The stock was down over 5% at one stage this morning! The Resources and Consumer Discretionary sectors (mainly BHP,RIO and Woolworths (WOW))helped to push the index higher and it finished up 13points (0.23%) to 5,827.
After the recent savage sell-off in banks should we buy stocks?
The ASX 200 started the day on a cautious note but started to rally after it became apparent there was no selling pressure from the futures (SPI). The Index finished up 24 points (0.42%) to 5,814.
Keeping our finger on the pulse as volatility surges
The ASX 200 was again under a lot of selling pressure from the futures market (SPI) this morning, which abated around lunchtime. The ASX 200 index finished the day down 44 points ( 0.83 %) to 5,790 after a low of 5,750
Let’s examine more pieces of the stock market puzzle
The ASX 200 was deluged by selling in the SPI futures, which pushed the Banking and Health Care Sector (amongst others) down sharply. The index finished down 110 points (1.85%)
Let’s focus on the present as it all gets very interesting
The ASX 200 finished a very lacklustre day down 34 points to 5948 (0.57%)
Just after midnight the Australian Financial Review led with a very pleasing story “iiNet fight breaks out as M2 lobs in $1.5bn bid”. It will be interesting to see what the board recommends as it appeared they were unusually happy with the $1.4bn all-cash takeover by TPG Telecom, it felt to me almost too happy. Hopefully we see a rare example of corporate directors acting in the best interest of shareholders (us) and go after the best price possible. It is understood that M2’s bid puts a significantly higher valuation on iiNet but being script bid it depends on the M2 share price for direct comparisons.
Really bullish, there's more to go in the reflation rally
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