What Worked Australia - 29 Apr 2016 - Dividend Yield slightly positive, short term reversal

What Worked – A reasonably directionless week for this short week in the Australian market. Most signals tended to be more flat than anything else in comparison to some of the very large numbers and clear direction over the last few weeks. Dividend yield just managed to make it onto the radar, with some of the more higher yielding names with good OP growth coming through well. Cromwell Property Group (CMW, +3.0%), Spark New Zealand (SPK, +7.6%) and CSR Limited (CSR, +5.2%) all doing quite well with substantial forward dividend yields and growth to support it.

While there was also a slight reversal in short term momentum, longer term momentum managed to bounce slightly after 2 terrible weeks. Pacific Brands (PBG, +33.5%), Regis Resources (RRL, +9.2%) and Evolution Mining (EVN, +5.5%) have been the star performers in the index over the last 12 months saw that performance continue this week.

Who Moved – As would be expected during a holiday week, only one name managed to post significantly higher volumes this week. Platinum Asset (PTM, +0.2%) just underperformed the market on good volume. On the other end of the scale, Metcash (MTS, +4.2%), Downer EDI (DOW, +0.1%) moved on very low volumes, while Telstra (TLS, -0.6%) finished the week lower on very weak volumes.


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