The ASX was up 36.2pts, or .6 per cent, at 5968.4pts on Friday. Oil prices rebounded again, causing the Energy sector to surge 1.71 per cent. Information Technology made strong gains on Friday as well, rising .97 per cent. The US Markets rallied on positive labour market data and rebounding energy prices. The Dow Jones was up .31 per cent while the S&P 500 was up .45 per cent. European markets looked even strong the previous trading day. The DAX rose 1.08 per cent while the FTSE 100 rose 1.12 per cent. The Chinese markets have made gains so far on Friday. The Hang Seng is up .31 per cent and the Shanghai Composite is up 1.58 per cent so far. The Nikkei 225 jumped above the 20,000pts market in the early trading hours of Friday. It has since retreated and is now down .15 per cent near the end of trading on Friday.
Wesfarmers Limited (ASX:WES) was up 68c, or 1.56 per cent, at $44.40 per share. The company’s subsidiary, Coles Supermarket, was fined $2.5m for falsely claiming its bread was freshly baked in-store.
Myer Holdings Limited (ASX:MYR) was down 5c, or 3.33 per cent, at $1.45 per share. Despite posting a double-digit downgrade last month, Myer shares surged over 15 per cent last week.
Aziana Limited (ASX:AZK) was up 4.5c, or 31.03 per cent, at 19c per share. Shares of the former gold explorer skyrocketed after the company purchased the artificial intelligent developer BrainChip.
Origin Energy Limited (ASX:ORG) was up 33c, or 2.83 per cent, at $11.98 per share. Despite receiving a large fine recently, the company’s share price made strong gains on Friday as oil prices rebounded.
Author: Simon Herrmann
Apr 10, 2015
Simon is a financial analyst at independent research firm Wise-owl specialised in small-mid cap growth opportunities and ethical investment opportunities. Simon's aim is to disrupt the cliché approach to investment decision making as he believes that socially and environmentally responsible behaviour is a necessity to long-term wealth creation. Simon has a deep fundamental understanding of the global financial landscape and has compiled 300+ research reports, valuations and corporate appraisals. Simon is commonly featured in major media outlets and his research is published weekly in The Australian.