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A 10-bagger in a week and dividends in demand

The S&P/ASX 200 index (Index: ^AXJO) (ASX: XJO) has closed down 6.4 points or 0.2%, to end at 4,262.8, following a soft lead from Wall Street overnight, and weaker than expected Chinese manufacturing activity in July. Overnight the Dow Jones Industrial Average fell 0.5%, while the S&P 500 fell 0.4%.

The Australian dollar was steady against the greenback, buying 105 US cents.

Company News

Crown Limited (ASX: CWN) has announced plans to spend $568m building a six star hotel at its Burswood casino in Perth, in a further bid to lure Asian gamblers to Australia and away from Macau’s new casinos, and attract tourists and executives travelling to Western Australia.

How’s this for a ten-bagger in 10 days? Sirius Resources N.L. (ASX: SIR) shares are now more than ten times higher than they were just over a week ago. On the 20th July, Sirius shares were trading around 5.7 cents. Shares in the company rose 14.6% today to close at 59 cents.

PaperlinX Ltd’s (ASX: PPX) shares soared 37% today to close at 6.7 cents, after the company announced that it had appointed Andrew Price to the board as a non-executive director. Mr Price had tried to get the chairman, Harry Boon, voted out at an extraordinary meeting in March. Could PaperlinX be the next 10-bagger?

A host of stocks have hit 52 week highs, with Telstra Corporation (ASX: TLS) rising to a three and a half year high of $4.04. Real estate investment trusts Charter Hall Retail REIT (ASX: CQR), GPT Group (ASX: GPT) and Westfield Group (ASX: WDC) all hit 52 week highs during today’s trading, as investors seek safer earnings and dividends.

Winners and Losers

Of the majors, Toll Holdings Limited (ASX: TOL) posted the best performance, rising 2.7% to close at $4.13, while Telstra continued its recent gains, adding 1% to close at $4.04.

The worst performer was BlueScope Steel Limited (ASX: BSL), which fell 3.8% to end at 25.5 cents, while Amcor Limited (ASX: AMC) lost 2.5% to close at $7.35.

Foolish Takeaway

All eyes will be on any news coming out of the US Federal Open Markets Committee meeting that starts tonight (our time) and the European Central Bank’s press conference on Thursday, with the outcomes of both likely to influence the markets in the coming days.

If you’re in the market for some high yielding ASX shares, look no further than our ”Secure Your Future with 3 Rock-Solid Dividend Stocks” report. In this free report, we’ve put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

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Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned. The Motley Fool‘s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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