Afternoon Report Tuesday 5th May 2015
The ASX 200 had a day to test any trader. The index finished down 1 point (0.02%) to 5826 after being up just over 73 points on its high, to being down 25 points on its low.
The main news was the RBA decision to cut interest rates by 25bps. The market reacted sharply to the upside, but then reversed direction even quicker. The banks were sold down with the Materials Sector.
The Banks were mixed after the ANZ Bank (ANZ) reported a reasonable result this morning and performed strongly in the opening hours. At one stage the bank was up over $1.30, only to finish the day up 88c (2.65%) to $34.12. Westpac Bank continued to struggle after a soft report yesterday and finished down 32c (0.9%) to $35.28. Tomorrow Commonwealth Bank (CBA) up 13c to $88.14 will report its quarterly update, and National Aust. Bank (NAB) reports its half year on Thursday. NAB finished today down 12c $36.17.
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