Afternoon Report Tuesday 20 January 2015
• It was a choppy session again today. The ASX 200 closed only 1 point lower at 5307 after trading as much as 29 points lower earlier.• The afternoon reversal in the market was due to the IMF downgrading its global growth forecast to 3.5% from 3.8% in October, turning investors to anticipate a rate cut sooner rather than later.• The dividend/yield play re-ignited, with the financial sector outperforming the broader market. ANZ closed 0.7% higher at $31.51, Macquarie Group (MQG) extending its strength, up 2.7% at $59.80 and Telstra (TLS) up 0.3% at $6.19. Please refer to our 2015 Outlook Report released today.• Woodside Petroleum (WPL) was the weakest link in the Energy sector and closed down 5.6% at $1.92. We remain on the sideline in this sector remember, cash is king at present!
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