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Financials, Utilities Drive ASX Up

Financials, Utilities Drive ASX Up
May 26, 2015 By Imran Valibhoy

The ASX was up 51.9pts, or 0.90 per cent, at 5773.4pts on Tuesday. Another strong day of gains in Financials pushed the ASX higher on Tuesday. All sectors were up across the board, led by Utilities and Financials, which rose 2.45 per cent and 1.15 per cent respectively. The Metals and Mining sector benefitted from a jumped in iron ore prices overnight. The sector rose 1 per cent on the day. Australian shares jumped in the opening hour of trading, but retreated partially just before noon. The ASX found its strength again in the afternoon, but taper off slightly in the final hour of trading. The Australian dollar initially experienced volatility in the last 24-hours, but has fallen sharply in the past hour. The AUD is sitting at US$0.7815 around 4:30 AEDT.

Most western markets were closed on Monday due to a holiday. The U.K., German and U.S. markets were did not operate while most Asian markets were up in the previous day of trading. Once again, the Nikkei 225 continues to show strength. It is up 0.12 per cent near the end of trading on Tuesday. The Hang Seng is up 1.36 per cent while the Shanghai Composite Index continues to rally reaching for records. The index is up 1.46 per cent so far on Tuesday.

AGL Energy was up 99c, or 6.40 per cent, at $16.47 per share. The energy company released a report on Tuesday stating its intentions to restructure the business to focus on growth through technological improvements to operations.

Aristocrat Leisure (ASX:ALL) was up 51c, or 6.48 per cent, at $8.38 per share. Aristocrat Leisure reported a 35.2 per cent increase in first-half profits on Tuesday. The gambling machine maker also increased revenue while discontinuing struggling operations.

Fortescue Metals Group (ASX:FMG) was up 23c, or 10.60 per cent, at $2.40 per share. Shares of the embattled miner have jumped sharply on Tuesday amid speculation that Chinese companies are planning on investing in the company.

OzForex Group (ASX:OFX) was down 28c, or 10.53 per cent, at $2.38 per share. Despite the company reporting strong profits, revenue and yearly dividends, the share price of OzForex plummeted on Tuesday.

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Imran Valibhoy Author: Imran Valibhoy May 26, 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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