• A choppy session was experienced in the ASX 200 today, ending 24 points lower (-0.4%) at 5565, down 104 points (-1.8%) for the week.
• With Iron Ore currently trading 0.4% higher in Asia, the Iron Ore sector reversed some of its losses from yesterday – South32 (S32) closed 3% higher at $1.7775 and Fortescue Metals (FMG) up 0.9% at $1.66.
• The Gold sector sold off, mainly due to a major broker report noting Newcrest Mining (NCM) could face a write-down of up to ~$2.5b. NCM closed 4.8% lower at $11.27. We would see this as an opportunity to buy the other gold related stocks as the issue is company specific.
• Watch out for the Weekend Report.
Best Sector – Utilities
Worst Sector – Consumer Discretionary
Winners
OzForex Group Ltd (OFX) +$0.075, or (+3.4%) to $2.26
South32 Ltd (S32) +$0.053, or (+3.0%) to $1.778
Oil Search Ltd (OSH) +$0.17, or (+2.4%) to $7.2
Fortescue Metals Group Ltd (FMG) +$0.02, or (+1.2%) to $1.668
Losers
Macquarie Group Ltd (MQG) -$3.25, or (-3.8%) to $81.56
Newcrest Mining Ltd (NCM) -$0.57, or (-4.8%) to $11.27
Regis Resources Ltd (RRL) -$0.065, or (-4.8%) to $1.285
Slater & Gordon Ltd (SGH) -$0.33, or (-8.4%) to $3.58
All figures contained from sources believed to be accurate. MarketMatters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 24/07/2015. 4.30PM.
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