Afternoon Report Thursday 16 October 2014
As expected, it was a choppy and volatile session, with the ASX 200 closing on near its highs, up 9 points at 5255 with a range of 96 points.
The weakest link was the Iron Ore sector, with RIO Tinto (RIO) closing down $1.10 at $59.89 and Fortescue Metals (FMG) down 22c at $3.42 after reporting its quarterly production with large margin pressures. We remain bearish at present as noted in yesterday’s morning report.
The banking sector assisted with the rally from the intraday lows today, with National Australia Bank (NAB) closing 34c higher at $32.88 and Commonwealth Bank (CBA) up 48c at $75.93.
Ansell (ANN) closed 32c higher at $18.68 after investors welcomed the chairman’s address to shareholders. We are current holders of this stock.
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