Afternoon Report Wednesday 17 September 2014
The ASX 200 sold off from the start of the session, closing down 38 points after touching 5,399. Quite the opposite from the US markets overnight and the Hong Kong Futures today which are currently up 226 points (+0.9%) at 24,408 embracing the Chinese stimulus.
The banking sector again dragged the Australian market lower, with CBA closing down 84c at $77.35 and Westpac (WBC) down 60c at $32.90 as the expected “great unwind” of the yield play is continues. Refer to the Morning Report Friday 29 August 2014.
Myer Holdings (MYR) found its base, closing unchanged at $2.01 where we are still happy to hold at present.
Ramsay Healthcare (RHC) outperformed the broader market, closing up $1.00 at $50.10 after the recent successful sell-down of 4.4 million shares of Paul Ramsay Holdings stake at $49.
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