Afternoon Report Thursday 1 May 2014
The ASX200 was sold off for a third straight day, despite opening positively on offshore leads. The market fell 80 points from its intraday highs to close down -40 points. This trend of heavy selling following opening strength is often the start of a change in trend.
Although ANZ Bank released a positive profit report this morning, including an increased dividend of 83c per share and better-than-expected headline profit of $3.4Bn, the stock closed down 40c or -1.16%.
The stand out today was investors switching out of the banks and into insurers, as we've anticipated in past reports. NAB closed down -1.8% at $34.68 with ANZ weaker as per above, whilst QBE finished +1.6% at $11.76 & SUN +0.2% at $13.04.
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