Afternoon Report Tuesday 9 June 2015
• The ASX 200 teased investors this morning, trading to its highs near 11a.m. at 5524, only to sell off by lunchtime and close just off the day’s low, down 27 points to 5471.• In the Iron Ore space, South32 (S32) lost 2.3% to $2.09 as investors digested S32’s recent announcement and see it could face its first write-down after spinning off from BHP Billiton (BHP) earlier this year. • The Media Sector saw Nine Entertainment (NEC) slumped 32c lower (-16.1%) at $1.665 after announcing a profit downgrade after market last Friday. We have no interest at present investing in this sector.• The Banking Sector closed mixed, with National Australia Bank (NAB) down 0.8 at $31.60 while the regional banks such as Bendigo & Adelaide Bank (BEN) closed 1% higher at $11.75.
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