Emeco (EHL) +8.05%: Another beaten up cyclical that was out with a more positive update this morning, although from MM’s perspective it was simply a reiteration of guidance and a reinforcement of the path the company has been on over the past year. As they suggested today, the balance sheet is now the best its been since listing in 2006 and the trends on the earnings side are positive overall, although a bit lumpy. Weakness in coal prices hurt, however this is being offset by strength in Gold. All up, a decent update that was taken more as a relief by the market which seemed to think they would miss their stated EBITDA guidance of $115-118m for the half to Dec (consensus was $114m)
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Performance update for March, stocks that drove returns & our current positioning
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Wednesday 24th April – ASX200 +17pts, Silver Lake (SLR), Kogan (KGN) & CPI
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Market Matters Research Lead Shawn Hickman with David Koch
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Wednesday 24th April – DOW +263pts, SPI +27pts
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