Afternoon Report Monday 3 November 2014
The ASX 200 closed 20 points (-0.4%) lower at 5,507, led by the Gold sector.
Woolworths (WOW) fell the hardest, closing down $1.76, or (-4.9%) lower at $34.24, after reporting a disappointing trading update.
The Gold sector continues to stand out negatively, Newcrest (NCM) closed 71c lower at $8.61. We remain bearish, targeting sub $6.80.
Iron Ore was again weak, with Fortescue Metals (FMG) closing 4.3% lower at $3.335 and RIO Tinto (RIO) down 1% at $59.78.
The banking sector, ended mixed, with Commonwealth Bank (CBA) closing up 4c at $80.52 while Westpac (WBC) closed 23c lower at $34.55 after announcing a disappointing result from a margins perspective.
Bank of Queensland closed relatively well, down 28c at $12.33, despite trading ex-dividend 34c a share fully franked.
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