Local market ran on positive China and US data before short covering pushed it to the best one day performance since Nov 2016 before RBA watered it down. Banks were up on global bank sentiment while Resources were up on China and Oil data. Retail data helped to push short covering in consumer sectors. US closed tonight for Independence Day…probably see some of this local optimism unwind tomorrow. Asian markets were negative today. The best performing sectors were Banks, Telcos and Retail while the worst performers were Gold, IT and Utilities. On the sector/stock front….(1) AAD substantial change drove M&A chatter (2) Short covering drove HVN, JBH and ACX in the better performer list (3) EVN lead the fall in gold stocks on the back of USD bounce overnight (4) FNP down despite more detail on JV with JLL (5) HSN down after raising for acquisition (7) PEP in the media on M&A chatter
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