End of Day Report – Friday 28 June: The ASX200 closes up 8 points as midday tax loss selling creeps in

Market Updates

The ASX200 has finished the day and financial year up 8 points (+0.1%) to 7768. Losing a 60-point gain from midday as tax loss selling crept in. US presidential debate not impacting our market. Technology was the best performing sector for the third day in a row. Following a small NASDAQ lead compared to a flat overnight performance from the S&P 500. Futures also helping. The biggest stock did best, WTC up 2% and up 10% for the week on no particular news. Simply traders buying the dip. Banks were next best, bouncing quickly from their two-day sell-off. Approval for ANZ’s acquisition of Suncorp bank boosting gains. ANZ itself lost 0.2% while SUN rallied 3.6%. Its best session since the conditional approval was made back in Feb. The other big banks were mixed. In Insurance, IAG jumped 7.2% after reaffirming guidance at the top end. Best performance in the index. GYG was the worst, falling 7.5% in its first full week of trade. Healthcare finished strongly. COH and RMD up 1.8% and 1.1%. Another case of buying the dip for PME, it gained 2.5% today and over 100% for the financial year. REITs had a small bounce after yesterdays sell off. Australian bond yields dropping to lend support. Majority of the gains coming from MGR. Up 3.3% after announcing it sold a large development stake in Sydney and reaffirmed earnings and dividend guidance.
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