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Market Wrap - 22 October 2014

Posted by BBY on 22 October 2014

Henry Jennings’ Market Wrap
If you would like to contact Henry Jennings about his Market Wrap, please call him on +61 2 9226 0067 or email hcj@bby.com.au
? Another solid day following very bullish leads from overseas as we climbed to close near our highs at nearly 5400,u[p another massive 61 points at 5385.It is relentless. How quickly we forget the dark and dim days of 5150! Central Banks have once again exercised the put and put the floor under the equity market with dreams of free money forever. It works. The markets love their sugar hit. Anyway benign inflation numbers too helped the sentiment coming in around expectations and opening the doors for a rate cut. There was a sea of green across my screen ,with naturally the banks forging ahead as the head into reporting season starting next week. The big four were up around 1% with AMP Limited (A$5.38, +3.1%) a superstar plus the miners joined the fun led by BHP Billiton Limited (A$34.27, +1.5%) following positive production numbers. RIO Tinto Limited (A$61.21, +2.1%) ,Fortescue Metals Group Ltd (A$3.66, +3.1%) and Newcrest Mining Limited (A$10.13, +3.6%) didn’t want to miss out so hung on for the ride .Elsewhere oils improved led by Oil Search Limited (A$8.72, +1.4%) and Santos Limited (A$13.01, +1.6%) plus other metals in the green like Oz Minerals Limited (A$4.10, +1.0%),Cudeco Limited (A$1.405, +0.4%),Sandfire Resources NL (A$5.70, +2.2%) and Independence Group NL (A$4.46, +2.1%). Unfortunately our old friend Lynas Corporation Limited (A$0.079, -9.2%) had a shocker falling under the issue price again. In the industrials Woolworths Limited (A$34.80, +0.2%) disappointed after denying media speculation on selling Small W but Wesfarmers Limited (A$41.85, +1.0%) forged ahead as did Metcash Limited (A$2.73, +2.2%).Telstra Corporation Limited (A$5.46, +0.7%) as usual did ok in fact it was hard to find much red around at all. We even saw green in the mining services with Leighton Holdings Limited (A$19.95, +3.4%),Monadelphous Group Limited (A$12.54, +2.5%),#CDO#,Seven Group Holdings Limited (A$6.67, +3.9%) and Ausdrill Limited (A$0.75, +2.0%)
? In the winners enclosure today were Clearview Wealth Limited (A$1.045, +7.7%),Henderson Group PLC. (A$3.63, +5.5%),Northern Star Resources Ltd (A$1.375, +7.4%),Drillsearch Energy Limited (A$1.17, +5.4%),NIB Holdings Limited (A$3.00, +4.5%),Mount Gibson Iron Limited (A$0.525, +6.1%) and Sirtex Medical Limited (A$23.81, +5.6%) in the bigs and Sundance Resources Limited (A$0.068, +23.6%) and Tiger Resources Limited (A$0.255, +13.3%) at the smaller end. Losers included Syrah Resources Limited (A$3.23, -13.2%),Bradken Limited (A$3.48, -4.9%),#VET#,APN News & Media Limited (A$0.76, -1.3%) and AP Eagers Limited (A$5.50, +0.5%) whilst small caps #TON#,Bougainville Copper Limited (A$0.27, -10.0%) and much hated Lynas Corporation Limited (A$0.079, -9.2%) all fell in a leach heap. Volume was again hardly spectacular but at $3.7bn at least it was better than some days recently.

Henry Jennings’ Market Wrap

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Market Wrap - 21 October 2014

Posted by BBY on 21 October 2014

Henry Jennings' Market Wrap

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Market Wrap - 20 October 2014

Posted by BBY on 20 October 2014

Henry Jennings’ Market Wrap

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Market Wrap - 17 October 2014

Posted by BBY on 17 October 2014

Henry Jennings' Market Wrap

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Overnight Points of Interest

Posted by Graham Parlane on 17 October 2014

Good Friday morning

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Market Wrap - 16 October 2014

Posted by BBY on 16 October 2014

Henry Jennings’ Market Wrap

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Overnight Points of Interest

Posted by BBY on 16 October 2014

Good morning

Well what a simply extraordinary night. We have to look back to 2009 for action similar to what unfolded last night.

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