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Big Banks Weigh on ASX

Big Banks Weigh on ASX
May 04, 2015 By Imran Valibhoy

The ASX was up 13.1pts, or .2 per cent, at 5827.5pts on Monday. The market gained in the first hour of trading and reached its daily high at around 11am as all sectors apart from Financials gained. The Chinese HSBC Manufacturing PMI was below expectations and well below the 50 mark at 48.9, which temporarily dragged the market briefly below 5,800. However, the ASX bounced back in the afternoon and closed slightly higher ahead of the RBA's interest rate decision tomorrow. At the end of the day the gains in the Metals and Mining sector, which rose 2.58 per cent, counterbalanced the 1.09 per cent loss of the Financials sector. International markets were mostly up at the end of last week. In the US, the Dow Jones rose 1.03 per cent and the S&P 500 was up 1.09 per cent. In Europe, the DAX was up .19 per cent and the FTSE 100 was up .36 per cent. The Nikkei 225 is up a marginal .06 per cent near the end of trading on Monday. The Chinese markets have reversed the losses from last week. The Hang Seng is up .13 per cent while the Shanghai Composite is up .59 per cent so far on Monday.

Westpac Banking Corporation (ASX:WBC) was down $1.13, or 3.08 per cent, at $35.60 per share. Westpac posted disappointing first-half cash profits that were flat compared to a year ago.

Rumble Resources (ASX:RTR) was up .4c, or 4.21 per cent, at 9.9c per share. Rumble Resources continues to perform well. RTR is up 120 per cent in the last 12 months and 230 per cent so far this year.

Stockland Group (ASX:SGP) was up 6c, or 1.35 per cent, at $4.51 per share. Stockland posted strong profits and revised its full-year profit guidance on Monday.

MYOB Group (ASX:MYO) was up 24c, or 6.6 per cent, at $3.89 per share. MYOB debuted on the ASX today at an initial price of $3.65 per share.

Nufarm Limited (ASX:NUF) was up 27c, or 3.63 per cent, at $7.70 per share. Despite posting strong profits in March, shares of Nufarm fell. The profit report detailed that the company expected to lift profits even higher later in the year.

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Imran Valibhoy Author: Imran Valibhoy May 04, 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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