Insurers in demand. Thu Aug 6

Suncorp isn't a pure insurer, it's also a fairly large regional bank based in Queensland. Nevertheless, it's supposedly attracting the interest of private equity player JC Flowers and is up 4% at 796 in a market which has rebounded 38 points (at 11.55 am) recovering most of yesterdays losses. I've sold out a couple at 801 (v 762).
As for the overnight position in Axa, I was stopped out there, selling the last of my shares at 433 (v 449).
The other bullish insurer, which was the subject of a lowball bid from Qbe a while back, is Iag. It's starting to clear away from a breakout and looks like it could gain momentum. Long at 380.

1.15 The other new trade I've put on today is to buy Iif, a property fund that was on death row earlier in the year, trading down to 6.4 c having been as high as 287 in late 2007. It's broken out of a tight trading range and pushed above June's high. Long at 33.

3.30 Back into Boart Longyear (at 34), which look ready to go hard. Not sure why actually as broker opinion is not enthusiastic but Bradken who are also involved in services to the mining industry have reported today and are up 15% on a good result.

3.55 At the market runs this afternoon - up 58 points now - more stocks are shaping up as potential buys. I've added one that isn't quite there, because it moves pretty fast when it breaks out, and that's Fortescue. Long at 453 with the recent high at 460.

4.14 That's it for the day with a close up 62 points, 1 point away from the day's high and a reversal back up on the Xjo chart. Most of my positions closed near the highs also.