Sharemarket Wrap 26 June 2012
The All Ordinaries Index lost 15.7 points to end the day 0.39% lower at 4,056.3. We are expecting a sharp move in the index over the next few days as the pattern has been consolidating for about 2 years and should break out. We also expect later request by Germany to scrap Spain's senior debt status, extra 100 Billion euros to bailout Spain, and possible Finland exit as well.
Myer Holdings Limited (MYR) ended the day 1.2% lower to close at $1.60 after announcing plans to build a new store in Darwin, Northern Territory. The new Myer Darwin will be a two-level 12,000 square metre store featuring a large range of apparel, cosmetics, homewares and electrical merchandise. We sold stock at $4 before the price collapsed and are very happy with the decision.
Seven West Media Limited (SWM) ended the day 13.7% lower to close at $1.70 after announcing that Don Voelte, the former Managing Director and CEO of Woodside and currently a director of Seven West Media, has been appointed CEO and Managing Director.
|
Best performing stocks:
|
||
|
Whitehaven Coal (WHC)
|
$4.15
|
+2.98%
|
|
Insurance Australia (IAG)
|
$3.38
|
+2.42%
|
|
News Corp (NWS)
|
$20.79
|
+2.41%
|
|
CSL Limited (CSL)
|
$38.70
|
+1.76%
|
|
Ramsay Health Care (RHC)
|
$21.84
|
+1.58%
|
|
Major stock falls:
|
|
|
|
Seven West Media Ltd (SWM)
|
$1.70
|
-13.71%
|
|
BlueScope Steel Ltd (BSL)
|
$0.27
|
-5.26%
|
|
Paladin Energy Ltd (PDN)
|
$1.18
|
-3.67%
|
|
Qantas Airways (QAN)
|
$1.07
|
-3.60%
|
|
OZ Minerals (OZL)
|
$7.82
|
-3.58%
|
Source: ASX, Reuters, Bloomberg, Lonsec