Afternoon Report Thursday 9 July 2015
• I reiterate, it’s been a tiring week so far, the ASX 200 had a weak morning session, down as low as 5383(-86 points) , only to claw back its day’s losses and close 1 point higher at 5471.• With Iron Ore currently trading 6.2% higher in Asia, the sector outperformed the broader market. Fortescue Metals (FMG) rallied 6.6% higher at $1.785. Subscribers received a live trading alert when we purchased Fortescue (FMG) via call options. • A reversal in China’s market was seen today, rallying as its government began to help stabilise the panic selling situation. The Sydney Morning Herald online currently has a headline that was worth mentioning “Chinese steel is now cheaper than cabbage”. We now expect as consolidation to be witnessed in the Chinese Share market.
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