Afternoon Report Friday 6 March 2015
• The ASX 200 closed only 5 points lower at 5899 today in a choppy session, as investors pause and wait for the US employment data due to be released tonight. • QBE Insurance rallied 2.5% to $13.43 in anticipation for a stronger employment data, meaning a rate hike to be considered in the US hopefully prior to June.• The Iron Ore sector sold off as anticipated, with RIO Tinto (RIO) ending the day 1.2% lower at $60.39 and Fortescue Metals (FMG) down 6.1% at $2.15. As mentioned previously, we are bearish this sector as they are regards price takers rather than price makers.• Regis Resources (RRL) plunged 26.7% to $1.40 after announcing its operating update and disappointing investors with its current production. As mentioned in January, we took profit on RRL and saw better risk reward elsewhere.• Please watch out for the Hickman Report tomorrow.
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