What Worked – With the focus this week on the results of the Brexit vote, the market lacked any clear sense of direction. By midday today, there was a reasonably strong move away from the big movers of last week, however by the close this had dropped from an over -20% IC to just shy of -7%, and 3 month momentum moved strongly into positive territory. Nine Entertainment (NEC, -4.6%), Qantas (QAN, -5.5%) and Sandfire Resources (SFR, -5.6%) all amongst the worst performers over the last 3 months that furthered their decline this week.
On the other side of that trade, the miners really seemed to shine. Evolution Mining (EVN, +3.8%), Regis Resources (RRL, +4.1%) and GUD Holdings (GUD, +3.1%) all at the top of the list of performers for the last quarter, and all performing strongly this week. Net Debt/Equity saw a reasonable sell off this week also, with low net debt names like Seek Limited (SEK, -5.9%), Ten Network Holdings (TEN, -9.7%) and MetCash (MTS, -16.0%) all coming off sharply.
Who Moved – A few more names this week making moves on significantly higher than normal average, with 15 names showing good volume. For those that finished in the red, MetCash (MTS, -16.0%), Spotless Group (SPO, -6.5%) and Boral Limited (BLD, -7.6%) all finished down sharply on strong volume, while Whitehaven Coal (WHC, +7.0%), Duet Group (DUE, +1.8%) and Beach Energy (BPT, +4.1%) all beat the index backed by strong volumes.
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