Afternoon Report Wednesday 1 October 2014
The ASX 200 sold off early in today's session, only to rally aggressively (87 points from intraday lows) towards the close, ending the day 41 points higher at 5,334.
It was not unusual for the rally, being the first day of the month along, with the banking sector yielding near ~6% fully franked dividends, investors looked happy to buy around these levels. See recent report, with our current preferred banks, ANZ closing 51c higher at $31.43 and Bank of Queensland (BOQ) up 33c at $11.97.
The gold sector followed on from the weakness of the gold futures overnight, with Newcrest Mining (NCM) closing down 50c at $10.05. We remain bearish this sector at present.
Best Sector – Telecommunications ServicesWorst Sector – Materials
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