The Winners and Losers
The financial sector underpinned the ASX200’s climb higher last week, following a relief-rally of sorts post-CBA results, and better than expected updates out of Magellan Financial and Suncorp. It was Magellan the performed one the best on a stock-by-stock basis for the week, climbing 16 per cent on news that the company would reform its dividend policy to direct a greater share of profits to shareholders.
The utilities sector was the worst performing for the week, down more than 3 per cent throughout the week’s trade. Arguably, it was the commentary coming out of AGL’s earning’s update that catalysed the move, after that company’s management announced it was expecting lower revenues due to a fall in electricity prices in the year ahead.