Afternoon Report Wednesday 14 May 2014
The ASX200 had another strong day led by heavyweights BHP Billiton (BHP) and Commonwealth Bank (CBA), although closed down -2 points at 5,496 as a result of National Australia Bank (NAB), Macquarie Group (MQG) and Westpac Bank (WBC) all going ex-dividend, an equivalent to a -20 point reduction in the index.
CBA pushed the market higher after releasing its 3Q result this morning, closing +99c or +1.2% to $80.89.
The resource sector had an interesting day, with BHP +34c or +0.9% to $38.30 on heavy buying, whilst FMG (-1.5% to $4.73) and RIO (-0.1% to $62.78) we're sold off. We feel this was due to reports that BHP has registered a new company in Australia following on-going "spin off" rumours and traders bought BHP and sold its rivals in spread trades.
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