Afternoon Report Thursday 21 May 2014
The ASX200 repeated much of yesterday's action, being sold off in the morning only to recoup losses and close +4 points to 5,425.
The bank sector reversed much of the selling from midday, as it seemed to "squeeze" up towards options expiry next Thursday. ANZ closed +28c to $33.03 and CBA closed +36c at $80.19.
Telstra (TLS) closed at 9-year highs of $5.36 as investors search for defensives and yield. Refer to this morning report.
The iron ore sector continues to fall with BHP closing -28c to $37.17, RIO -65c to $59.40 and FMG getting close to our targets, closing -11c to $4.43.
Treasury Wine (TWE) continued its climb after rejecting KKR's cash bid of $4.70 a share yesterday, to close +5.6% at $5.07
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