Australian Stocks: What Happened Today?

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            [0] => ((TLS))
            [1] => ((CWN))
            [2] => ((EGP))
            [3] => ((FWD))
            [4] => ((ASL))
            [5] => ((DML))
            [6] => ((PRU))
            [7] => ((SLR))
            [8] => ((RSG))
            [9] => ((SBM))
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            [1] => CWN
            [2] => EGP
            [3] => FWD
            [4] => ASL
            [5] => DML
            [6] => PRU
            [7] => SLR
            [8] => RSG
            [9] => SBM
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)

This story features TELSTRA GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: TLS
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives

Australian Market

The Australian market (XJO) closed up 47.0 points or 0.98% to 4841.7 today. Another strong morning on the market, rallying on the open to the day's high of 4853.4, then spending the rest of the day ranging. The U.S. was closed over night but it looks like we took a good lead from Europe with the FTSE 100 gaining 191.80 points or 3.08% to 6,421.67. Most sectors were higher today, the best being Information Technology rising 1.63% and the worst performer of the day was the Gold sector, falling -2.20%.

Some economic data released today was Australia's construction sector fell for the month of June. The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (PCI) gained 4.2 points to 39.5 in June. A reading below 50 represents a fall in the sector. Although the PCI has dropped for the 37th month, the pace of decline is sowing up.

Telstra Corporation Limited ((TLS)) has sealed a 5 year government deal worth $32 million. The deal will see TLS protect government agencies from online viruses and hacking attempts. Included in the deal are the Australian Customs, Department of Finance and deregulation, the Attorney General's department and Border Protection Service with some others.

Crown Limited ((CWN)) and Echo Entertainment Group Limited ((EGP)) came out of a trading halt today after yesterday's NSW Government approval for Crown to move forward to phase 3 of its new Sydney casino and hotel in Barangaroo. CWN shares faired well early on in trade rising as much as 6% only to close at a 3.19% rise, while EGP shares dropped 5.15% over the day.

AUD is currently trading at $0.9141, down -$0.0001 against the USD.

Top Performers

Billabong International Limited ((BBG)) up $0.035 or 15.56% to $0.26

Fleetwood Corporation Limited ((FWD)) up $0.044 or 10.92% to $4.47

Ausdrill Limited ((ASL)) up $0.07 or 8.48% to $0.895

Discovery Metals Limited ((DML)) up $0.01 or 7.69% to $0.14

SMS Management & Technology Limited ((SMX)) up $0.32 or 6.71% to $5.09

Bottom Performers

Perseus Mining Limited ((PRU)) down -$0.065 or -10.40% to $0.56

Silver Lake Resources Limited ((SLR)) down -$0.045 or -6.29% to $0.67

Echo Entertainment Group Limited (EGP) down -$0.15 or -5.15% to $2.76

Resolute Mining Limited ((RSG)) down -$0.03 or -4.80% to $0.595

St Barbara Limited ((SBM)) down -$0.025 or -4.72% to $0.505

Our Comments

The market was very encouraged by what happened in Europe over night and Mario Draghi's comments, although the daily volume was lower, probably as a result of U.S. markets being shut. It will be a big night in the U.S. tonight when we see the results of the Non-farm payrolls data and we will most likely see a large amount of volatility from investors.

It was nice to see the market close out such a roller coaster week around 31 points in the positive.

Have a good weekend!

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
 

Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).

Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au

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