Afternoon Report Thursday 20 November 2014
It was a sea of red today in the ASX 200, ending the day down 53 points, or -1% to 5316.
The selloff was largely contributed by the Resource sector with Fortescue Metals (FMG) down 3.6%, BHP Billiton (BHP) -2.7% and RIO Tinto (RIO) down 2.7%.
The energy sector fared well, with Santos (STO) ending 0.3% higher at $11.69 and Woodside Petroleum (WPL) up 0.1% at $38.45.
The Australian Dollar is currently trading sub US86c. Will this trigger further offshore selling on our banking sector? Commonwealth Bank (CBA) ended down 0.3% at $80.34, while ANZ closed 0.5% higher at $31.94.
As mentioned in this morning’s report, we are bearish Woolworths (WOW), having closed 2.9% lower at $31.33 today; we still have no interest in WOW at present.
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