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ASX Review: ASX Flat Despite Energy Gains

ASX Review: ASX Flat Despite Energy Gains
May 22, 2015 By Imran Valibhoy

The ASX was up 2.4pts, or ~0.0 per cent, at 5664.7pts on Friday. Australian shares initially jumped in the opening hours of trading on Friday. Soon thereafter the ASX followed a downward trend extending into the early afternoon, where it fell into negative territory. The ASX remained relatively flat for the remainder of the day. The Energy sector posted strong gains on the day, rising 1.83 per cent. However, the massive Financials sector continued to show a poor performance, falling 0.13 per cent. The Australian dollar rose in valuation against the US dollar in the past 12 hours. The AUD is trading at US$0.7928 around 4:19 AEDT.

International markets were mostly up yesterday. In the US, the Dow Jones was up a marginal 0.34 points, or ~0.0 per cent. The S&P 500 rose 0.23 per cent. European markets eased slightly ahead, with the DAX up 0.14 per cent and the FTSE 100 up 0.09 per cent. The Japanese markets are continuing to show strength. The Nikkei 225 is up 0.34 per cent near the end of trading hours on Friday. The Hang Seng has recovered from losses in the previous day. It is currently up 1.66 per cent while the Shanghai Composite is up 2.33 per cent so far on Friday.

Oroton Group Limited (ASX:ORL) was down 34c, or 13.28 per cent, at $2.22 per share. Luxury retailer Oroton announced a reduction in earnings guidance by 66 per cent. Shares of the company have fallen to 2009 lows.

Cardno Limited (ASX:CDD) was up 45c, or 19.07 per cent, at $2.81 per share. In the past two days of trading, Cardno’s shares plummeted after reporting a $200m writeoff due to poor performance. Shares of the company have partially recovered from the previous selloff.

Commonwealth Bank of Australia (ASX:CBA) was down 45c, or 0.54 per cent, at $83.11 per share. Australia’s largest bank continues to slide and bring the market down with it. Earlier in the year analysts had predicted a $99 share price for the bank.

Worleyparsons Limited (ASX:WOR) was up 46c, or 4.43 per cent, at $10.84 per share. Two days after settling a dispute with Exxon Mobile Corp, shares of the company partially recovered.

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Imran Valibhoy Author: Imran Valibhoy May 22, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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