Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market made a remarkable recovery on a Friday to close very slight positive after being down as much as 1.5% in the morning. The recovery was made even more positive given the big line of TCL that needed be funded was adding to the selling pressure. Notable moves today were: (1) HSN (up 18%) had a good day after market update delivering double digit upgrades (2) GXL (up 11%) keeps running on further media stories that there is a bidder in play (3) CTD (up 9%) adding to the growth story with US acquisition…bit like FLT (4) BGA (up 8%) moved again on very positive upgrade by A2M building on the BAL updates (5) LYC (down 17%) and LNG (down 9%) seems to be the stocks that always gets smacked when commodity selling is in play (6) OZL, RSG and BDR (down 6-8%) were the most hit on falling copper and gold prices (7) SGH (down 7%) can’t seem to get out of the negative spiral with more questions being raised about debt covenants and potential law suits. (VIEW LINK)