Afternoon Report Monday 24 November 2014
The ASX 200 rallied this morning, following PBOC’s interest rate cut last Friday, ending the day 58 points higher at 5362.
As expected, the iron ore sector were the main contributors in today’s strength, with BHP Billiton (BHP) closed 3.8% higher at $32.90, RIO Tinto (RIO) up 3.4% at $58.30 and Fortescue Metals (FMG) up 10.8% at $2.98.
Woolworths (WOW) continues its descent, down 0.6% for the day at $31.41.
What we see concerning, is the banking sector (where the “big 4” contributes to 30% of the ASX200), was not able to lift today, with the big 4 banks only up an average of 0.4%.
Best Sector – MaterialsWorst Sector – Telecommunication Services
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