Afternoon Report Monday 17 November 2014
The ASX 200 sold off from the start of session, ending 42 points lower at 5,413 and a range of 54 points, with the bank sector being the main contributor of today’s weakness.
Our Asian counterparts were also trading weak, with Japan futures currently down 2.5% as it enters in a recession and Hong Kong futures down 0.6% after being up 1.3% earlier.
As anticipated, the gold sector was the strongest link, with Newcrest Mining having closed up 2.6% at $9.34 and Regis Resources (RRL) up 4.6% at $1.465.
The Healthcare sector also closed lower, ahead of the institutional book build of Medibank Private, beginning tomorrow morning at 7am. NIB Holdings (NHF) closed down 3.9% at $3.18, which may provide an opportunity for retail investors who missed out on the Medibank retail offer who wish to invest in this sector to buy NHF instead.
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