The S&P/ASX 200 (INDEXASX: XJO) is once again gaining ground today, up 0.2% after Wall Street rallied strongly overnight – the Dow Jones gained 0.9% – as investors bet on further stimulus measures in China and Europe.
On the local market, Sirius Resources N.L. (ASX: SIR) is leading the gainers amongst the S&P/ASX 200 Index constituents, rising 5.5% after the company presented at the RIU Resources Roundup Conference and updated the market on its Nova and Polar Bear mine assets. Investors have liked what they've heard from the gold and nickel miner this year with the share price gaining 44% since January.
Meanwhile TPG Telecom Ltd (ASX: TPM) and Ten Network Holdings Limited (ASX: TEN) are both around 4% higher as investors continue to focus on manoeuvres within the television industry. A report today that TPG has reached agreement with leading pay-TV operator Foxtel for a content deal appears good news for the telco's plan to offer its own pay-tv service. Today's gains have sent TPG's share price to a new 52-week high of $7.35. In comparison, Ten Network's languishing share price is still near its 52-week low, despite today's gains and arguably leaves the network owner ripe for a takeover.
On the other side of the ledger, retail stocks are under pressure today with both Myer Holdings Ltd (ASX: MYR) and JB Hi-Fi Limited (ASX: JBH) lower. Investor concern that increased competition from both online sources and foreign entrants such as Uniqulo will further erode margins makes this sector one to potentially avoid.
