Australian Stocks: What Happened Today?

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            [0] => ((RHG))
            [1] => ((AGK))
            [2] => ((LNC))
            [3] => ((BBG))
            [4] => ((EHL))
            [5] => ((SBM))
            [6] => ((SDL))
            [7] => ((TWE))
            [8] => ((MML))
            [9] => ((RRL))
            [10] => ((SIP))
            [11] => ((NCM))
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            [0] => RHG
            [1] => AGK
            [2] => LNC
            [3] => BBG
            [4] => EHL
            [5] => SBM
            [6] => SDL
            [7] => TWE
            [8] => MML
            [9] => RRL
            [10] => SIP
            [11] => NCM
        )

)

This story features EMECO HOLDINGS LIMITED, and other companies.
For more info SHARE ANALYSIS: EHL
The company is included in ALL-ORDS

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

Australian Market

The Australian market (XJO) closed up 7.2 points or 0.14% to 4981.1 today. The market started the day slightly higher before selling off into negative territory. Until China's GDP growth figures were released at 12:00pm, coming in at 7.5%, right on the forecasted target, which lifted our market back into green to hit the daily high of 4995.7 at around 12:30. The afternoon was choppy, selling off into the close.

The best performing sector today was Information Technology, rising 1.10% and the worst was Gold, retreating -2.51%. Last Friday U.S. markets were flat with the Dow Jones rose 3.38 points or 0.02% to 15,464.30.

In economic news, new motor vehicle sales for June have had the biggest jump in 10 months, rising 4% to the seasonally adjusted 97,687, up from 93,927 in May. Sales are up 7.1% on June last year. Sales of passenger vehicles increased by 3.7% in the month, while sports utilities rose 2.7% and sales of other vehicles, including trucks, rose 6.6.

RHG Limited ((RHG)) is in trading halt as of this morning at 49.5c a share as another takeover bid is made for the mortgage provider that once incorporated RAMS. Resimac has offered shareholders 48c a share as a counter offer to a bid last week. There had been a previous takeover bid from a rival lending company Pepper Australia, for 46c a share. Shareholders of RHG will now have to wait for Pepper's reply.

AGL Energy Limited ((AGK)) has made a takeover offer on struggling energy retailer Australian Power and Gas Company Limited (APK). AGL has an agreed bid of 52c a share, which is significantly higher than the 39c the shares last traded at before being put in trading halt. APK is valued at $75 million as of the trading halt and AGL has bought a 19.9% stake. APK is ranked as one of the largest in the second tier electricity and gas retailers in the market with an estimated 350,000 customers. APK recently reported a year to June net loss of up to $5 million.

AUD is currently trading at $0.9119, up $0.0073against the USD.

Top Performers

Linc Energy Limited ((LNC)) up $0.36 or 26.18% to $1.735

Billabong International Limited ((BBG)) up $0.025 or 10.87% to $0.255

Emeco Holdings Limited ((EHL)) up $0.025 or 10.20% to $0.27

St Barbara Limited ((SBM)) up $0.055 or 9.82% to $0.615

Sundance Resources Limited ((SDL)) up $0.004 or 5.19% to $0.081

Bottom Performers

Treasury Wine Estates Limited ((TWE)) down -$0.71 or -12.20% to $5.11

Medusa Mining Limited ((MML)) down -$0.085 or -4.74% to $1.71

Regis Resources Limited ((RRL)) down -$0.16 or -4.49% to $3.40

Sigma Pharmaceuticals Limited ((SIP)) down -$0.03 or -3.85% to $0.75

Newcrest Mining Limited ((NCM)) down -$0.46 or -3.80% to $11.63

Our Comments

Well the market ended pretty flat. China's GDP came in on expectations which was comforting for investors so we saw a small rally off the back of that. Bernanke is testifying in Washington DC for the Senate Banking Committee later on in the week so we will be keeping an eye out for that.

(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

Novus Capital Limited ("Novus") is holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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