The Australian market started strong this morning adding 55 points on the back of surprising US GDP numbers overnight. Most of the gains have been retained moving into the afternoon session with the ASX200 staying up 40 points.
Medibank remains the focus by retail investors again as their easy ten percent profit now sits at five creating mixed reactions among investors. With the stock sitting at $2.10 per share, some investors are frustrated with the fall from yesterday’s high, while others begin to think about staying in for ‘the long term’ especially since the scale back resulted in much lower investment by investors.
Medibank has less than one quarter of yesterday’s trading volume changing hands today and has had a price range of $2.08 - $2.15.
Cab charge director Rod Gilmour has quit on the eve of its annual shareholder meeting, which saw its fourth consecutive vote against management remuneration however a vote to spill the board was rejected for a second time.For further comment from CMC Markets please call 02 8221 2124