Afternoon Report Wednesday 4 March 2015
• The ASX 200 continued to weaken as anticipated (see morning report), ending 32 points lower at 5901.• Both the banking and resource sector contributed to much of the negative tone today. Commonwealth Bank (CBA) down 0.9% at $91.13 and Fortescue (FMG) down 5.4% at $2.29.• Woolworths (WOW) continues its downfall. Down 1.6% at $29.35 and was the most searched stock today.• Crown Resorts (CWN) closed 0.5% higher at $15.59 despite further bad news in Macau, the gambling revenue fell for the ninth straight month.• Macquarie Group (MQG) went into trading halt today pending a capital raising for ~$500m after acquiring an aircraft portfolio for US$4b. MQG last traded at $73.52 and has rallied more than 26% in 2015.• Global Central Banks continue to stimulate its economies. Today, India’s Central Bank cut its rate by 0.25% to 7.5%.
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