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ASX rebounds 2% - whiplash anyone?

ASX rebounds 2% - whiplash anyone?

After Friday morning’s 2.6% free fall, the market clawed most of the losses back on Friday afternoon and by close of trade on Monday the ASX was up to 4412 – more than 200 points higher than Friday’s lows. Whiplash anyone?

The banks were the biggest winners with ANZ up 90c to $21.90 a rise of over 4%. Westpac was up 88c to $23.16 and the National was up 79c to $24.56. AMP also posted stellar gains rising 23c to $5.67

The miners also did well with Lihir Gold up 12c to $3.91, Rio Tinto up $2.35 to $64.15 and behemoth BHP Billiton up $1.03 to $37.80

Stockland (ASX:SGP) shot up 16c to $3.69 a rise of 4.5%. Stockland recently announced that it was on track to deliver record residential sales this financial year. The company remains focused on delivering an “innovative product at an affordable price point” and is seeing an increase in upgraders as well as first home buyers. The share price increase for Stockland contrasts with Sunland (ASX:SDG) which dropped over 2% despite its recent buy back announcement.

Travel group Wotif Holdings Limited (ASX:WTF) rose 25c to $6.09 a jump of more than 4%. Wotif Holdings announced guidance last month that they expected the after tax profit for fiscal 2010 to be between $52M and $56M, a substantial increase on FY2009’s $43.5M

Downer EDI dropped 21c to $6.24 despite recently confirming new orders totaling over $300 million.

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Tags National Australia BankStocklandLihir GoldBHP BillitonWotifDowner EDI

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