\n\tBy Stephen Hogan, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n
\tAustralian Market<\/strong><\/p>\n \tThe Australian market (XJO) closed up 15 points or 0.29% to 5180.8 today. Our market managed to stay positive today; we had a few moves towards the downside in the morning but were able to stay positive for the day. It peaked at 5194.9 at around 1:30 and trailed down slowly to the close. The best sectors of the day were Metals and Mining gaining +1.27% , Resources gaining +1.24% and the Energy sector gaining +1.13%. Overnight the Dow Jones closed lower, falling -47.27 points or -0.28%.<\/p>\n \n\tWorleyparsons (WOR) said it expects to report a full-year net profit of between $320 million and $340 million. The group reported net profit of $353 million last year. At its February half-year results, it said it is expected to grow its underlying earnings compared to last year's figure of $345.6 million.<\/p>\n \n\tThe Coalition had pledged not to rescind the increase in the superannuation guarantee to 12% by 2020, but last night in its budget reply said it would defer reaching the 12% level until 2022. Under the plan, the superannuation guarantee would remain at 9.25% until July 2016, with Opposition Leader Tony Abbott saying this would save $1.1 billion in 2016-17 and more than $2.5 billion over forward estimates.<\/p>\n \n\tAUD is currently trading at $0.9747, down -$0.0060 against the USD.<\/p>\n \tTop Performers<\/strong><\/p>\n \tVirgin Australia Holdings Limited ((VAH)) up $0.04 or 10.53% to $0.42 \tWorleyParsons Limited ((WOR)) down -$2.695 or -12.09% to $19.595 \tOur Comments<\/strong><\/p>\n \n\tWe have been big fans of the energy sector since mid last year. Today we saw some great gains in that sector with the likes of WPL, HZN, AUT all doing very well. Another stock in the sector that did well was STO in which we put a buy out on this morning if you were not already holding the stock.<\/p>\n \n\tIt was nice to see the iron ore plays especially AGO have a decent day. Really surprised on the lack of conviction in this stock considering their assets and how well the price of iron ore has held up. Will this be the low?<\/p>\n \n\tI also think today was a fairly good sign that the majors in the staples sector WES and WOW are over priced here and due for some sort of correction. I would be looking at exiting these or writing covered calls to generate income.<\/p>\n \n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.) \n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n
\n\tHorizon Oil Limited ((HZN)) up $0.03 or 7.69% to $0.42
\n\tPaladin Energy Limited ((PDN)) up $0.042 or 4.67% to $0.942
\n\tCoalspur Mines Limited ((CPL)) up $0.017 or 4.66% to $0.382
\n\tEvolution Mining Limited ((EVN)) up $0.037 or 4.46% to $0.86
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\n\tBottom Performers<\/strong><\/p>\n
\n\tM2 Telecommunications Group Limited ((MTU)) down -$0.47 or -7.32% to $5.95
\n\tIncitec Pivot Limited ((IPL)) down -$0.14 or -4.67% to $2.86
\n\tAusdrill Limited ((ASL)) down -$0.055 or -4.09% to $1.29
\n\tThe Reject Shop Limited ((TRS)) down -$0.64 or -3.70% to $16.68<\/p>\n
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