Afternoon Report Monday 1 June 2015
• It was a choppy sea of red and a disappointing start for the month of June in the ASX 200 today, having ended 42 points lower (-0.7%) at 5735. The weakness was led both by the banking and resource sector, as global investors look to take risk off from their portfolio with the uncertainty of the ‘Grexit’ closing in on the Eurozone, giving back all that it made last Friday. The Australian Market was clearly trading quite the opposite to our Asian counterpart, China, currently trading 4.0% higher and Hong Kong up 1.1%.• The market was weak across the board until buying came back into the futures around 11.30am, with only the Energy Sector and Property Trusts marginally higher.• The banking sector lost all its good work from Friday, with Australia New Zealand Bank (ANZ) down 47c ( %) to $32.72, Commonwealth Bank (CBA) down 61c (0.72%) to $84.48, National Australia Bank (NAB) down 29c (0.84%) to $34.03 and Westpac (WBC) down 44c (1.31%) to $33.00. While in the resources sector, BHP Billiton (BHP) ended 1.4% lower at $29.19 and Fortescue Metals (FMG) lost 1.7% to $2.38.• Sirtex (SRX) outperformed the broader market, having rallied 14.4% to $30.52 after releasing its positive Sirflox trial results.• The Consumer Staples was one of the worst sectors with Wesfarmers (WES) down 73 points (1.67%) to $42.93 but this was outdone by Treasury Wines down 13c (2.42%) to $5.25.
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