Share market heads into another busy reporting day with a relatively positive macro background
The takeover bid for Toll Holdings at a 49% premium to yesterday's closing price is a positive atmospheric. Traders will be raking over their list of potential takeover targets in search of similar opportunities.
The takeover bid for Toll Holdings at a 49% premium to yesterday’s closing price is a positive atmospheric. Traders will be raking over their list of potential takeover targets in search of similar opportunities.
Investors also appear to be taking an increasingly relaxed attitude to negotiations over Greek debt. This possibly reflects an assessment that the range of outcomes is not just a choice between benign and bad. A positive outcome that provides a better template for growth in the peripheral Euro nations could ultimately emerge from this process.
Investor attitude towards bank stocks may be one of the keys to today’s trading. Trigger happy yield hunters will be looking to see if buying support is returning or whether yesterday’s selling in CBA and ANZ has further to play out.
Softer commodity prices on the back of more disappointing news on China’s property prices may see a quieter day for mining stocks today although the return of Middle East risk as a theme for oil markets is likely to be a plus for the energy sector.For further comment from Ric Spooner please call 02 8221 2137.