Jun 4, 2014

Morning Market Report

Plenty of action on local markets ahead of the end of the financial year.

The market is down 20 points.The Dow Jones was down 21 points at 16,722 — The market opened lower but strengthened after good factory orders data. The best performing sectors were energy, financials and the defensive utilities and health care. Telcos and industrials underperformed. Volume was higher but still lower than average and the market traded in a 47 point range.

US company news — General Motors and Ford gained after reporting better than expected sales. Hillshore Brands received a revised proposal from Pilgrim’s Pride after another offer from Tyson Foods. Krispy Kreme and Quicksilver were weaker after disappointing results yesterday.

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