Afternoon Report Tuesday 4 November 2014
As expected, it was a quiet day, with the ASX 200 closing only 13 points higher at 5,520. As we anticipated, the RBA announced no change to interest rates this month.
The banking sector closed mixed, with National Australia Bank (NAB) being the weakest link, closing down 0.8% at $34.61
The Resource sector however, traded well overnight, with RIO Tinto closing 1% higher at $60.35 and Newcrest Mining (NCM) up 1.7% at $8.76.
The September trade balance reported weaker than expected, at a deficit of -$2.2B. What was more concerning was the September employment data being revised down from +15k to -27.
Woolworths (WOW) continued its weakness, closing down 2.8% at $33.30 after further downgrades from brokers were disseminated.
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