Afternoon Report Thursday 23 October 2014
The ASX 200 closed slightly lower, down 3 points to 5383 in a fairly quiet day but resilient to offshore falls.
The banking sector closed higher, but it was not strong enough to push the market into positive territory, CBA closed 60c higher at $78.17 and Westpac (WBC) up 28c at $34.02
Despite China’s HSBC PMI data reporting marginally better than expected, the major Iron Ore stocks gave back their gains from the previous session with BHP Billiton (BHP) closing 63c lower at $33.64, RIO Tinto down $1.34 at $59.87 & Fortescue Metals (FMG) down 13c at $3.53.
Toll Holdings (TOL) was sold off, closing down 42c at $5.47, after re-iterating its full year earnings guidance, however has acknowledged that trading conditions were tougher than expected in the first quarter.
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