Afternoon Report 23 June 2014
The ASX 200 flew out of the stables early, trading as high as +49 points, drifting back in the afternoon session to close +27 points at 5,447.
The strength early in the session came on the back of better-than-expected data out of China, with Flash PMI printing 50.8 versus 49.7 expected.
The resource sector reacted well to the China data with BHP closing +1.5% to $36.47, RIO Tinto (RIO) +2.7% to $1.55 and Fortescue metals Group (FMG) +4.5% to $4.41.
Echo Entertainment Group (EGP) closed +2.3% higher at $3.15 after signing a deal with two Hong Kong parties to assist in its proposed Brisbane casino and hotel project.
A Market bouncing on good data is far from a bull market; overall I remain unwaivered from my bearish stance of these levels.
Show more...
You need to be a member to view this article
REGISTER FOR FREE INSTANT ACCESS
Already a member? Login Here
