The ASX surged today following the dovish attitudes from the Fed meeting. The ASX is up 108.5pts, or 1.8 per cent, at 5950.8pts. The Fed’s recent March meeting revealed that they are still cautious about raising interest rates. Low inflation was cited as the cause for a non-aggressive view on interest rates. Global investors have been cautious in the days leading up to the Fed’s announcement. After the tension was eased, markets reacted positively in general. European stocks were mixed as the DAX retreated after reaching a record high the previous day. The FTSE 100 led the charge, rising 1.57 per cent. The US markets dipped just before the Fed meeting and then rallied until closing. The S&P 500 is up 1.22 per cent, the Dow Jones is up 1.27 per cent and the NASDAQ Composite is up .92 per cent. The Hang Seng is currently up 1.24 per cent.
Myer Holdings Limited (ASXL:MYR) is down 16c, or 10.46 per cent, at $1.37 per share. The department store chain reported a 23 per cent slide in half-year profits in an announcement today.
OrotonGroup Limited (ASX:ORL) is down 26c, or 9.59 per cent, at $2.45 per share. The Australian luxury fashion retailer has suffered from lower profits after discontinuing a discount program for their shoppers.
Fortescue Metals Group Ltd. (ASX:FMG) is up 12.5c, or 6.7 per cent, at $1.99 per share. The mining company has recovered from the previous day of losses. Fortescue recently announced it was forced to defer its debt-refinancing plan amid concerns over iron ore prices.
Commonwealth Bank of Australia (ASX:CBA) is trekking ahead once again today. Shares of CBA are up $2.22, or 2.38 per cent, at $95.61 per share.
Author: Simon Herrmann
Mar 19, 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.