XJO Weekly Close February 1, 2013
CMC Markets chief strategist Michael McCarthy said local investors were feeling more optimistic after a strong earnings season in the US. “We’ve had a much more positive season in the US and that I think has got local investors more optimistic about the earnings outlook,” he said.”We’ve also got a lot of people who are more overweight (in) cash and they’ve seen their neighbours earn a lot on the market and they’re getting a bit nervous about not being in it.” He said local investors were also turning to high-yielding stocks, with financials, telcos and consumer discretionary shares leading the charge.
The four major banks all closed higher. National Australia Bank soared 64 cents to $28.00, Westpac jumped 26 cents to $28.30, Commonwealth Bank surged 60 cents to $65.05 and ANZ gained 16 cents to $26.74. Telstra gained five cents to $4.65. The mining giants also all gained. BHP Billiton closed 44 cents higher to $37.92, Rio Tinto jumped 84 cents to $67.20 and Fortescue added 11 cents $4.79.(Read more:www.news.com.au)
The best performing stock was Independence Group (IGO), rising 7.5 % to close at $4.73.
The worst performing stock was Drillsearch Energy (DLS), dropping over 5% to close at $1.26.
Gold is around US$1661 an ounce, down $6 over the week.
The Aussie dollar has slipped further this week to $1.039.
- ASX closes higher (bigpondnews.com)
Categories: Imported Blogs, Trading opinion
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