MENU

Can the ASX bounce back in afternoon trade?

The ASX is off to a weak start today, with the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) down 0.23% at midday.

The lacklustre morning session on the ASX is despite Wall Street closing at new record highs overnight, with the S&P 500 briefly surpassing the 1,900 mark, for the first time ever. US stock gains were achieved despite a weaker than expected data reading on Retail Sales from the Commerce Department, which showed a rise of just 0.1% in April.

Investors are still wading through the finer details of last night’s Federal Budget, but early consensus appears to be that there was little to either worry, or cheer about, from the market’s point of view.

Two of the major banks are trading ex-dividend today, which has dragged down the financial sector. Health care, materials and consumer staples are also all lower.

Here are the top five best performing stocks in the index, at midday:

  • Transfield Services Limited (ASX: TSE) has jumped 7.4% to $1.15
  • Cover-More Group Ltd Ltd (ASX: CVO) has gained 3.7% to $2.39
  • Virtus Health Ltd (ASX: VRT) has risen 3.2% to $8.06
  • Pacific Brands Limited (ASX: PBG) has climbed 3% to $0.52
  • PanAust Limited (ASX: PNA) is up 2.8% to $2.18

These are the five worst performing stocks at midday today:

  • Primary Health Care Limited (ASX: PRY) has dropped 5.7% to $4.50
  • Sonic Healthcare Limited (ASX: SHL) has slipped 4.4% to $17.48
  • CSR Limited (ASX: CSR) has fallen 4% to $3.37
  • Mount Gibson Iron Limited (ASX: MGX) is down 3% to $0.75
  • Sirius Resources N.L. (ASX: SIR) has lost 2.9% to $2.96

The top ASX pick you've never heard of...

Top Motley Fool analysts just identified their #1 ASX pick for 2014, a small-cap stock that could be poised for big gains (and offers a fat, fully franked dividend!). Discover all the details now, including the name and code, in this FREE investment report, "The Motley Fool's Top Stock for 2014."

Motley Fool contributor Tim McArthur owns shares in Pacific Brands Ltd and Primary Health Care Ltd.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.