Afternoon Report Tuesday 7 October 2014
The ASX 200 had an extremely volatile day; similar to the US market overnight, clawing back most of its losses from earlier in the session, to close 9 points lower at 5284, after trading as low as 5207 intra-day – a fresh 2014 low.
As expected, the decision of the unchanged interest for October was factored in, with no real reaction upon the data release.
The market was supported by the Iron Ore sector, as it is seems that short covering was prevalent in the sector after the Glencore-RIO merger talks overnight, with BHP Billiton (BHP) closing up 54c at $33.24, RIO Tinto (RIO) up $2.48 at $60.07 and Fortescue Metals (FMG) up 14c at $3.44.
Conversely the banking sector was the major contributor of today’s weakness, with Commonwealth Bank (CBA) closing 40c lower at $75.77 after trading as low as $74.48. Intra-day CBA traded in an amazing range of $2.12 from $74.48 lows and $76.60 high.
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