Afternoon Report Friday 7 November 2014
The ASX200 was significantly stronger than I expected today closing at 5549, up 43 points (0.78%), an excellent effort with both ANZ and NAB trading ex-dividend.
The buying was noticeably futures led implying asset allocation into Australia after Europe joined the BOJ money printing rhetoric last night. .
Perhaps the $A consolidating around 85.5c is attracting some offshore funds as our market is getting cheaper in $US terms..
A standout today was the Iron Ore sector bouncing hard even with the metal lower again last night, we have been looking for this bounce but anticipated slightly lower levels first.
Best Sector – Resources / Materials
WinnersBHP Billiton (BHP) +71c (2.1%) to $34.49Fortescue Metals (FMG) +12c (3.96%) to $3.15CBA (CBA) +$1.37 (1.93%) to $82.76
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