Afternoon Report Tuesday 17 June 2014
The ASX 200 was sold down aggressively on the open, led by the SPI futures after Woodside Petroleum (WPL) announced Royal Dutch Shell will be selling a large portion of their WPL stake.
~78M WPL shares will be sold to institutional investors at $41.35 per share, a total of ~$3.2B and another ~78M shares bought back by WPL for the total amount of US$2.68B. The stock is currently in a trading halt.
With iron ore falling below US$90/t, further weakness was seen in this sector, e.g. BHP -26c to $35.36, RIO -57c to $57.45 & Fortescue Mining (FMG) -12c to $3.94. Refer to the morning report on our thoughts with this sector.
The banking sector gave in today, with the big 4 banks closing in the red. e.g. ANZ -0.4% to $33.93 and CBA -0.4% to $81.24.
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