Market Wrap - Week Ending Friday 18th April 2008

Jason Fittler

Last week once again did not fail to surprise with some positive results out of the US especially Google coming out with a great result pushing their share price up 17% in after market trading.

Tabcorp and Tatts Group had a dead cat bounce during the week providing an opportunity to exit these stocks. We have also seen a good run from BHP on the back of base metals coming back.

The market has been able to maintain a level of around 5500 this week still bumping along the bottom of the trading range. We expect to continue until the July reporting season when we will start to see companies downgrade earnings growth and no doubt look to announce all bad news onto the market.

This should set the platform for a recovery towards the end of this year. For now we are looking to continue to hold our positions in the market and collect the dividend.
Until next week.