Afternoon Report Monday 21 July 2014
A quiet session today with ASX200 closing 8 points higher. The recent trend of subdued volumes continued, down 30.6% today on daily averages.
As mentioned previously, we are in a "stock pickers" market. This can be seen with Fairfax Media (FXJ) closing up 1.7% to $0.925 after reports of Australia's richest woman, Gina Rinehart "considering Fairfax takeover". FXJ has been in our "sleepers" list for quite some time now, we are a happy buyer sub 80c (see the Hickman report), however the buy target may be adjusted this week.
Crown Resorts (CWN) closed 1.3% higher to $15.48 as investors viewed positively its joint bid alongside Greenland for Queensland's Queen's Wharf Brisbane project. Technically, we can buy CWN around $15 with stops listed in the Hickman report, however with recent weakness seen in Melco (MPEL.US), I am not convinced to buy yet.
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