The S&P/ASX All Ordinaries Accumulation Index closed up 1.0% for the week. On Wednesday, investors celebrated 10 years from the peak of the Australian equity market with a solid day's trade that sent the All Ordinaries Index past the 6,000 point mark for the first time since the Global Financial Crisis. I discussed the milestone with Ross Greenwood from 2GB.
In this week’s report we discuss Woolworths and PSC Insurance Group.
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Woolworths’ crisp result
On Wednesday, Woolworths Limited (ASX: WOW) announced its first quarter sales results for the 14-week period to 1 October 2017, reporting a solid increase in its same store sales of 4.9%. The company also reported a significant turnaround from BIG W after reporting positive sales for the first time since 2016. Shares in Woolworths Limited closed up 3.8% for the week. We own Woolworths Limited as a market-driven investment in WAM Capital and WAM Active and a research-driven investment in WAM Leaders and Century Australia.
PSC Insures an upgrade
On Tuesday, PSC Insurance Group LTD (ASX: PSI) announced a $55 million capital raising to fund future acquisitions within the insurance broking sector. The company also announced an increase in underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of at least 20% for the first half of financial year 2018, which was above expectations. Shares in PSC Insurance Group closed up 6.2% for the week. We own PSC Insurance Group as a research-driven investment in WAM Capital, WAM Research and WAM Microcap.
Chris is the Chief Investment Officer of Wilson Asset Management, having joined the company in 2006. He is also the Portfolio Manager responsible for WAM Capital (ASX:WAM), WAM Research (ASX:WAX), WAM Active (ASX:WAA) and WAM MicroCap (ASX:WMI).