Afternoon Report Friday 12 September 2014
The ASX 200 continued sold off today, closing 15 points lower with the banking sector dragging (e.g. CBA closing down 41c at $80.23 and Westpac (WBC) down 37c at $34.25).
QBE Insurance (QBE) has been well bid for the past couple of sessions, closing up 26c at $12.33 and up 50c for the week, as the likelihood of an interest rate increase in the US early next year is likely.
The Materials sector was the strongest link, due to the recent decline in the AUD against the USD. We remain bearish the iron ore sector and see better risk reward elsewhere.
**Please note the Hickman Report will be released on Sunday evening due to a building maintenance over the weekend.**
Best Sector – MaterialsWorst Sector – Information Technology
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